International Petroleum Investment Co (Ipic) made a net profit of 7.9 billion dirhams ($2.2 billion) in 2013, up from 6.4 billion dirhams in the previous year, marking a 23.4 per cent increase, benefiting from a recovery in global equity markets.

Ipic, which focuses on investments in energy and related sectors, saw its total assets grow to 251.2 billion dirhams at the end of 2013, up from 239.3 billion on Dec. 31, 2012.

This, the fund said, was due to a recovery in global equity markets, appreciation in the euro/dollar exchange rate, and business acquisitions made over the year. It did not provide any further details, such as what it bought in 2013.

Ipic owns stakes in a number of Europe-based companies, including Spain's Cepsa and Austria's OMV. It also owns part of Italian lender UniCredit through its Aabar Investments unit.

Revenue in 2013 grew slightly, by 1.8 percent year-on-year to 194 billion dirhams.

The fund also reduced its debt by 10 percent in 2013, Khadem al-Qubaisi, managing director of Ipic, was quoted as saying in the statement. No overall debt figure was given.

Ipic is part of a stable of government-owned investment funds tasked with aiding the diversification of the Abu Dhabi economy away from hydrocarbon revenues.

Mubadala, another state-owned fund, said on April 17 its 2013 net profit tripled as rising stock markets boosted the value of its financial investments. – Reuters