Abu Dhabi energy fund IPIC H1 net profit up 6.7pc

December 03, 2013 - 10:55:36 am

ABU DHABI: Abu Dhabi's International Petroleum Investment Co (IPIC), the state-owned fund with a main mandate to invest in energy-related assets, on Tuesday reported a 6.7 percent rise in its first-half net profit helped by a recovery in global equity markets.

IPIC, which owns stakes in companies such as Spain's Cepsa and Austria's OMV, made a net profit of 3.2 billion dirhams or $872 million during first half of this year, compared with 3.0 billion dirhams in the year-ago period, it said in a statement on its website.

Revenue fell to 95.7 billion dirhams versus 96.7 billion dirhams in first half last year. 

Total assets dropped to 233.1 billion UAE dirhams or $63.46 billion for the first-half of 2013, compared with 239.3 billion dirhams in December 2012 largely due to unwinding of derivative positions, IPIC said.

Through its Aabar Investments unit, IPIC also owns a stake in Italian bank Unicredit. (Reuters)

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