Arab Today, arab today ipic reports dh56bn of net profit for the year 2014
Last Updated : GMT 08:52:09
Arab Today, arab today
Arab Today, arab today

IPIC reports Dh5.6bn of net profit for the year 2014

Arab Today, arab today

Arab Today, arab today IPIC reports Dh5.6bn of net profit for the year 2014

International Petroleum Investment Company
Dubai - WAM

International Petroleum Investment Company (IPIC), wholly owned by the Government of the Emirate of Abu Dhabi, released its full year consolidated financial statements for 2014.

IPIC, which operates predominately in the energy and energy related sectors, realised its 30th year of consecutive profitability. Its 21 investments span the entire hydrocarbon value chain, are multijurisdictional, and predominately mature, creating a high quality asset base which captures value and hedges the cyclical nature of its industry.

"2014's volatility across multiple market and product segments tested and proved the resiliency and consistency of the IPIC portfolio" said Suhail bin Mohammed Faraj Faris Al Mazrouei, Managing Director of IPIC.

"Especially in a year of falling oil prices and difficult economic conditions, IPIC's balanced portfolio helped navigate and surpass the market to report a net result of Dh 5.6 billion. Last year, the group went through significant efforts in efficiency optimisation, working capital management, and liability management all adding to the bottom line.

Especially important to highlight was the nearly Dh 13 billion in debt pay downs, associated reductions in interest expense, and the active management of our redemption profile, strengthening IPIC's balance sheet to successfully meet the challenges and growth opportunities of the future. We continue to embrace our long position in the hydrocarbon sector and will look to add key, high quality assets focused in the upstream, specialty petrochemical, and oilfield services spaces with the goal to enhancing portfolio quality and capitalising on, already realised and realisable, scale and integration opportunities and synergies."

Key financial highlights include: Revenue of Dh 188.0 billion, compared to Dh 194.0 billion in 2013, which represents a decrease of Dh 6.0 billion largely due to the fall in crude oil prices offset by new acquisitions made by the Group during 2014. Profit for year decreased to Dh 5.6 billion from Dh 7.9 billion in 2013, down Dh 2.3 billion as a result of the decrease in revenue offset by the exchange gains on Euro-denominated financial liabilities. Total assets of Dh 243.5 billion at 31 December 2014 compared to Dh 251.2 billion at 31 December 2013, as a result of lower oil prices and depreciation in the EUR/USD exchange rates, set off by the business acquisitions made by the Group over the year ? Total equity of Dh 59.7 billion at 31 December 2014, compared to Dh 64.4 billion at 31 December 2013, down Dh 4.7 billion, due to exchange losses on translation of foreign subsidiaries incurred owing to depreciation in the EUR/USD exchange rates. Borrowings of Dh 110.0 billion at 31 December 2014, compared to Dh 123.0 billion at 31 December 2013, down Dh 13.0 billion, due to repayments of borrowings and exchange gains on Euro-denominated borrowings "The Government of Abu Dhabi has entrusted IPIC with delivering long term value via wealth creation and preservation, and technology and skills transfers not only unto itself, but to that of the wider United Arab Emirates (UAE) as witnessed by the company's participation within neighbouring emirates in respect of key national infrastructure projects. In my capacity as UAE Energy Minister and Managing Director of IPIC, I commit to furthering the wider development initiatives of the Government of Abu Dhabi and the UAE and would like to first and foremost thank the President of the UAE and Ruler of Abu Dhabi, His Highness Sheikh Khalifa bin Zayed Al Nahyan, for his continuous provisioning of opportunities and support. I would also like to thank the His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, along with our Chairman and Minister of Presidential Affairs, H.H. Sheikh Mansour Bin Zayed Al Nahyan, for their 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 Aa2/AA/AA by Moody's, S&P, and Fitch, respectively, with a stable outlook.

Established by Emiri decree in 1984, IPIC is a long-term investor in overseas energy and energy-related assets and undertakes strategic projects on behalf of its shareholder the Government of the Emirate of Abu Dhabi.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ipic reports dh56bn of net profit for the year 2014 Arab Today, arab today ipic reports dh56bn of net profit for the year 2014

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ipic reports dh56bn of net profit for the year 2014 Arab Today, arab today ipic reports dh56bn of net profit for the year 2014

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday