Abu Dhabi’s IPIC 2014 net attributable profit drops 37%
IPIC made a net profit attributable to equity holders in the parent of $1.21bn against $1.92bn in 2013
Abu Dhabi’s state-owned International Petroleum Investment Co (IPIC) reported on Wednesday a 37 per cent drop in net attributable profit for 2014 as low oil prices hurt earnings.
IPIC, whose board was revamped this year, made a net profit attributable to equity holders in the parent of $1.21bn against $1.92bn in 2013, according to its financial statement.
The firm, which focuses on investments in the energy and related sectors, said its total assets fell to $66.3bn at the end of 2014 from $68.4bn a year earlier.