Abu Dhabi: Net profits at the International Petroleum Investment Company (Ipic), a public joint stock wholly owned by the Abu Dhabi government, have increased to Dh3.2 billion from Dh3 billion during the first half of 2013, the company announced.
Meanwhile, revenues dropped to Dh95.7 billion from Dh96.7 billion as a result of operating income decreasing to Dh5.2 billion from Dh6.2 billion.
Ipic has also reduced its assets to Dh233.1 billion from Dh239.3 billion at December 2012, due to the unwinding of derivative positions with a corresponding drop in liabilities to Dh174.8 billion from Dh182.1 billion.
Total borrowing dropped by Dh8.7 billion to reach Dh126.3 billion
“Ipic continues to seek investment opportunities while prudently managing its balance sheet, as demonstrated by the recent repayment of Dh7.345 billion of debt in September 2013,” Managing Director, Khadem Al Qubaisi said.