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29 March 2024

Ipic's profit up 23% in 2013

Published
By Wam

International Petroleum Investment Co (Ipic) has released its 2013 financial year results which saw its revenues rise to  Dh194 billion ($52.8 billion), a 23 per cent increase in profit, and a 10 per cent reduction of debt.

"2013 was one of our most successful years to date," said Khadem Al Qubaisi, Managing Director of Ipic. 

"Over the past five years, Ipic's consolidated assets have grown from Dh85.5 billion to Dh251.2 billion, showing a five-year compound annual growth rate of 24 per cent.  Consolidated revenue has grown from Dh36.2 billion to Dh194.0 billion, and consolidated operating profits have grown from Dh1.5 billion to Dh9.2 billion, representing compound annual growth rates of 40 per cent and 44 per cent respectively."

Ipic is rated Aa3/AA/AA by Moody's, S'&'P, and Fitch, respectively, with a stable outlook.