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28 March 2024

Ipic’s 2012 profit surges

Published
By Reuters

Abu Dhabi's International Petroleum Investment Co. (Ipic) said 2012 net profit surged on the back of better operational performance and a recovery in the market value of listed equities.

The government-owned investment vehicle, with a main mandate to invest in energy-related assets, said net profit for 2012 jumped to Dh6.4 billion ($1.74 billion) from Dh164.1 million in 2011.

Ipic has interests in a number of European-based companies, including Spain's Cepsa and Austrian oil group OMV. Through its Aabar Investments unit, it also owns a stake in Italian bank Unicredit.

Past financial results have been hurt by losses on stakes tied to companies owned by Aabar. In 2011, Ipic booked a $3.42 billion loss on stakes in automaker Daimler and UniCredit. Aabar has since sold its Daimler stake.

"The profit increase was attributable to the robust operational performance of CEPSA, NOVA Chemicals and Borealis along with the recovery of certain listed equities held by Aabar," Ipic said in a statement.

Consolidated revenue increased to Dh190.6 billion in 2012 from Dh126 billion in the previous year, while operating profit rose to Dh11.7 billion from Dh9.2.

Ipic's assets fell slightly to $65.1 billion in 2012 from $65.3 billion in the previous year as growth in assets was offset by divestitures, the statement said, without providing any additional details.

Group debt totalled $35.8 billion at the end of 2011, the latest figure available.

In November, Ipic raised $2.9 billion through a triple-tranche dual currency bond.

Ipic is a regular issuer in the bond market and has raised acquisition financing from bond sales.

Ipic's portfolio comprises more than 15 investments across Europe, North America, the Middle East and Asia.