Solid Revenue base of US$ 33.8bn, Net profit of US$ 403.8m; net cash from operating activities of US$3.3bn
Abu Dhabi: International Petroleum Investment Company (IPIC) today published its Full Year 2016 audited Financial Results. IPIC turned to a net profit of US$403.8 million in 2016 from a loss of US$2.6 billion a year earlier, driven by lower feedstock costs, high petrochemicals industry margins, and lower impairments across the Group.
IPIC’s portfolio, which since 1st May 2017 is part of Mubadala Investment Company following the merger of IPIC and Mubadala Development Company, includes assets operating across the energy value chain, from upstream oil and gas to petrochemicals, along with a portfolio of diversified investments.
Financial highlights for the period ending 31 December 2016 include:
NB – These are independent IPIC results for the Financial Year 2016, and do not include financial results for Mubadala Development Company or Mubadala Investment Company.