Increase in half-year profits to AED 3.2 billion on revenues of AED 95.7 billion.

Abu Dhabi, 2nd December 2013: the International Petroleum Investment Company (IPIC), the public joint stock company wholly owned by the Government of the Emirate of Abu Dhabi, released today its interim consolidated financial statements and financial highlights for the first half of 2013.

Key financial highlights include:

• Net profit increased from AED 3.0 billion to AED 3.2 billion, due primarily to the recovery of equity markets during the first half of 2013.
• Revenues decreased to AED 95.7 billion compared to AED 96.7 billion, as a result of which operating income decreased from AED 6.2 billion to AED 5.2 billion.
• Total assets were AED 233.1 billion at 30June 2013 compared to AED 239.3 at 31 December 2012, largely due to the unwinding of derivative positions, with a corresponding decrease in liabilities.
• Total equity increased from AED 57.2 billion to AED 58.3 billion.
• Total liabilities decreased from AED 182.1 billion to AED 174.8 billion.
• Total borrowings were AED 126.3 billion, a decrease of AED 8.7 billion.

“IPIC’s results once again demonstrate the strength of our portfolio, and our ability to create value to its shareholder, the Government of Abu Dhabi,” commented H.E. Khadem Al Qubaisi, Managing Director.  “IPIC continues to seek investment opportunities while prudently managing its balance sheet, as demonstrated by the recent repayment of AED 7.345bn of debt in September 2013.”

“As we celebrate the 42^nd anniversary of the UAE,” His Excellency continued, “these results validate the strategic vision of our Chairman and the wisdom of the late Sheikh Zayed bin Sultan Al Nahyan when he founded IPIC in 1984. IPIC is proud of its contribution to our Nation’s future.”

IPIC’s credit rating is Aa3/AA/AA by Moody’s, S&P and Fitch , respectively.