Abu Dhabi: Abu Dhabi’s sovereign wealth fund International Petroleum Investment Company (Ipic) said on Tuesday its fiscal year 2012 net profit rose to a whopping Dh6.4 billion from Dh164.1 a million year earlier on the back of robust operational performance of Cepsa, Nova Chemicals, and Borealis along with the recovery of certain listed equities held by Aabar.
“Total comprehensive income reached Dh6.0 billion for 2012, an increase of Dh15.3 billion from the previous year. Consolidated revenue increased from Dh126.0 billion to Dh190.6 billion in 2012 while operating profit increased from Dh9.2 billion to Dh11.7 billion for the same period,” Ipic said in a statement.
Cited by SWF Institute as the 15th largest sovereign fund by asset size, Ipic’s 2012 consolidated total asset base remained consistent at Dh239.3 billion from the previous year as growth in assets were offset by divestitures.
“Consolidated liabilities were recorded at Dh182.1 billion for 2012 while consolidated equity grew to Dh57.2 billion in 2012 from Dh52.2 billion the previous year, Ipic added.
Ipic, established in 1984, is wholly owned by the government of Abu Dhabi and is mandated to invest in energy and energy related assets. Ipic’s portfolio consists of over 15 investments which span five continents and encompasses the entire hydrocarbon value chain. The company is also mandated to develop and deliver certain domestic infrastructure and strategic oil and gas projects within the UAE.
Ipic’s long-term investment strategy has yielded business partnerships with some of the leading international energy companies which acquire oil refineries and thousands of high branded service stations and a wide range of chemical and petroleum products, as well as crude oil pipelines and oil and gas exploration projects.
Ipic strategic investments include a 15 per cent stake in the Arab Egyptian Oil Pipelines Company, a 40 per cent stake in Parco Pakistani Oil Company, 20 per cent in Austria’s OMV, an integrated oil and gas company, 64 per cent in the Austrian Borealis Industrial Company, 40 per cent in Emirates Chemicals, 30 per cent in Gulf Energy Maritime, a UAE marine transport company, and a 21 per cent stake in Cosmo Oil, a Japanese refining and marketing company.
Previously, Ipic also took full ownership of Spain’s second-largest oil company Cepsa, acquired a 4 per cent stake in EDP, a Portuguese energy company; 70 per cent of the Germany-based Ferrostaal Industrial Company; 100 per cent of Nova Chemicals, a Canadian plastics and chemicals company; 15 per cent in the Australian Oil Search Company; 36 per cent in Oasis International Power, and an 86 per cent stake in Aabar Investments.
