Ipic H1 net profit up 6.7%

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 per cent 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 Dh3.2 billion ($872 million) during first half of this year, compared with Dh3 billion in the year-ago period, it said in a statement on its website.

Revenue fell to Dh95.7 billion versus Dh96.7 billion in first half last year. Total assets dropped to Dh233.1 billion ($63.46 billion) for the first-half of 2013, compared with Dh239.3 billion 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.