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UAE’s IPIC’s H1 profit up to USD1.16b

20 Oct 2011

(MENAFN) Abu Dhabi’s International Petroleum Investment Co. (IPIC) said that as a result of higher gains in the company’s financial investments, in 2011’s first six months, profit after tax reached USD1.16 billion from USD413 million in 2010, reported Khaleej Times.

The company added that in the period, the firm gained USD424 million on financial instruments, whereas it lost USD1.1 billion in last year’s same period.

The firm, which owns stakes in Spain’s Cepsa and OMV, the Austrian oil group, also said that last month, it gave USD2 billion interest-free loan to its unit Abaar, on the other hand, the company’s total debt reached USD31.8 billion.

It is worth noting that IPIC, which revenue surged 17 percent to USD8.63 billion, has USD61.8 billion in total assets.

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