IPIC Releases 2013 Financial Year Results
Abu Dhabi, 30th April, 2014: International Petroleum Investment Company (IPIC), the public joint stock company wholly owned by the Government of the Emirate of Abu Dhabi, released today the financial highlights of its full year consolidated financial statements for 2013.
Key financial highlights include:
“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 - 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.