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Tue 3 Dec 2013 01:48 PM

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Abu Dhabi's IPIC says H1 profit rises 6.7%

International Petroleum Investment Company posts half-year profit of $871m

Abu Dhabi's IPIC says H1 profit rises 6.7%
(Photo for illustrative purposes only)

The Abu Dhabi-owned International Petroleum Investment Company (IPIC) has posted a 6.7 percent increase in first half-year profit to AED3.2bn ($871m) in what it said was due to the recovery of equity markets.

In its interim consolidated financial statements, released on Tuesday, IPIC, a joint stock company wholly owned by the Abu Dhabi Government, said the result was an increase on the AED3bn ($817m) posted in the first-half of 2012.

IPIC said revenues over the same period were AED95.7bn ($26.01bn), down AED1bn ($272m), with resulting operating income down from AED6.2bn ($1.69bn) to AED5.2bn ($1.42bn).

“IPIC’s results once again demonstrate the strength of our portfolio, and our ability to create value to its shareholder, the Government of Abu Dhabi,” said Khadem Al Qubaisi, IPIC managing director.  “IPIC continues to seek investment opportunities while prudently managing its balance sheet, as demonstrated by the recent repayment of AED7.345bn ($2bn) of debt in September 2013.”

He added: “As we celebrate the 42nd anniversary of the UAE these results validate the strategic vision of our chairman and the wisdom of the late Sheikh Zayed bin Sultan Al Nahyan when he founded IPIC in 1984.”

The company said total assets were AED233.1bn ($63.46bn) at June 30 compared to AED239.3bn ($65.15bn) at December 31, 2012, with the difference largely due to the unwinding of derivative positions.

IPIC said its credit rating stood at Aa3 by Moody’s, and AA by both S&P and Fitch.

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