Abu Dhabi’s IPIC posts 96% plunge in 2011 profit

14 Jun 2012

(MENAFN) Abu Dhabi’s International Petroleum Investment Company (IPIC) stated that 2011’s profit plunged 96 percent to USD44.7 million, compared with USD1.3 billion in 2010, reported Arab News.

IPIC, the investment company owned by the Abu Dhabi government, added that results were affected by market volatility and currency exchange risks, with the impact of euro/dollar exchange rates on the value of the firm’s euro-denominated assets, as well as changes in IPIC’s mark-to-market listed investments, trimming the strong performance of its core underlying operations.

It said that last year’s profit from continuing operations soared by more than 350 percent from 2010, reaching USD540 million.

Moreover, profit for 2011 first half reached USD1.16 billion after the company made gains on financial investments, while revenue at the end of 2011 reached USD34.3 billion.

It is worth noting that at the end of the year, total assets stood at USD65.3 billion, whereas total group debt stood at USD35.8 billion.

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