International Petroleum Investment Co (IPIC) has released its 2013 financial year results which saw its revenues rise to a record AED194.0 billion (US$ 52.8 billion), a 23% increase in profit, and a 10% reduction of debt.
“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 AED194.0 billion (US$ 52.8 billion), a 23% increase in profit, and a 10% reduction of debt. These are 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 AED85.5 billion to AED251.2 billion, showing a 5-year compound annual growth rate of 24%. Consolidated revenue has grown from AED36.2 billion to AED194.0 billion, and consolidated operating profits have grown from AED1.5 billion to AED9.2 billion, representing compound annual growth rates of 40% and 44%, respectively.” “I would like to thank our Chairman, H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, 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.
Source : WAM News Agency for United Arab Emirates
