Abu Dhabi: International Petroleum Investment Company (Ipic) said its revenue for the year 2014 fell to Dh188 billion compared to Dh194 billion in 2013, a decline of Dh6 billion largely due to fall in crude in oil prices offset by new acquisitions made by the group in 2014.

The Abu Dhabi government-owned company released its full year financial statement for the year 2014, news agency WAM reported late on Tuesday.

The company said its profits for 2014 were down by Dh2.3 billion compared to a year earlier, adding that it made a profit of Dh7.9 billion in 2013, which reduced to Dh5.6 billion in 2014 as a result of the decrease in revenue offset by the exchange gains on Euro denominated financial liabilities.

Its total assets fell to Dh243.5 billion at the end of 2014 from Dh251.2 billion a year earlier.

“2014’s volatility across multiple market and product segments tested and proved the resiliency and consistency of the Ipic portfolio,” stated Suhail Mohammad Al Mazroui, the UAE’s oil minister and the 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 Dh5.6 billion. Last year, the group went through significant efforts in efficiency optimisation, working capital management, and liability management all adding to the bottom line,” added Al Mazroui, who took over as the managing director of the company in April.

Ipic manages a portfolio of global investments in more than 18 leading companies including OMV, Parco, Fujairah Refinery, Emirates LNG, Aabar Investments, Duqm Refinery, Nova Chemicals etc.

Oil prices fell by more than 50 per cent since last year hurting the earnings of a number of international oil companies.

Abu Dhabi National Energy Company (Taqa) posted a loss of Dh3 billion in 2014 owing to low oil prices. From $115 in June last year, oil prices fell to less than $65 this month.

Veerendra Chauhan, an oil analyst at London based Energy Aspects told Gulf News over phone that profits of a number oil companies is getting reduced due to lower oil prices. “Companies have to cut back investments in the upstream sector due to low oil prices. This would impact oil production in the coming years. The present environment is a challenge for companies. They need to work harder for profits. We expect the volatility to continue in the coming days.”