IPIC Releases 2013 Financial Year Results

IPIC reports AED 7.9 billion of net profit for the year 2013
International Petroleum Investment Company (IPIC), the public joint stock company wholly owned by the Government of the Emirate of Abu Dhabi, released today the highlights of its full-year, consolidated financial statements for 2013.
Key financial highlights include:

• Revenue of AED 194.0 billion, compared to AED 190.6 billion in 2012, which represents an increase of AED 3.4 billion

• Profit for year increased to AED 7.9 billion from AED 6.4 billion in 2012, up AED 1.5 billion

• Total assets of AED 251.2 billion at 31 December 2013 compared to AED 239.3 billion at 31 December 2012, as a result of a recovery in global equity markets, appreciation in the EUR/USD exchange rates, and business acquisitions made by the Group over the period

• Total equity of AED 64.4 billion at 31 December 2013, compared to AED 57.2 billion at 31 December 2012

“2013 was one of our most successful years to date,” said Khadem Al Qubaisi, Managing Director of IPIC.  “IPIC’s excellent results saw revenues rise to a record AED 194.0 billion (US$ 52.8 billion), a 23% increase in profit, and a 10% reduction of debt. These are befitting results to mark the beginning of IPIC’s 30th year of operations.”
“Over the past five years, IPIC’s consolidated assets have grown from AED 85.5 billion to AED 251.2 billion, showing a 5-year compound annual growth rate of 24%.  Consolidated revenue has grown from AED 36.2 billion to AED 194.0 billion, and consolidated operating profits have grown from AED 1.5 billion to AED 9.2 billion, representing compound annual growth rates of 40% and 44%, respectively.”
“I would like to thank our Chairman, His Highness Sheikh Mansour Bin Zayed Al Nahyan, for his unwavering guidance and leadership; our Board of Directors for their invaluable expertise and support; and, our management team and employees for their dedication and hard work in delivering such excellent results.”

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