Tuesday 19 March 2024
 
»
 
»
LOW OIL IMPACT

Abu Dhabi's IPIC net profit plunges 37pc

ABU DHABI, July 1, 2015

Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) reported on Wednesday a 37 per cent drop in net attributable profit for 2014 as low oil prices hurt earnings.

IPIC, whose board was revamped this year, made a net profit attributable to equity holders in the parent of $1.21 billion against $1.92 billion in 2013, according to its financial statement.

The firm, which focuses on investments in the energy and related sectors, said its total assets fell to $66.3 billion at the end of 2014 from $68.4 billion a year earlier.-Reuters




Tags: International Petroleum Investment Company | profit |

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads