ABU DHABI: Abu Dhabi's International Petroleum Investment Company (IPIC) reported a 96 percent slump in 2011 full-year profit yesterday, as market volatility and currency exchange risks weighed on its investment portfolio.
The government-owned investment vehicle made a net profit of $44.7 million last year, a company statement said, down from $1.3 billion in the prior-year period.
But profit from continuing operations, an indicator of core business performance, surged to $540 million in 2011, up over 350 percent from the previous year, according to the statement.
"Results for 2011 in comparison to 2010 were subject to both market and economic volatility which continues today," said Khadem Al-Qubaisi, managing director at IPIC, in the statement.
"The impact of euro/dollar exchange rates on the value of IPIC's euro-denominated assets, in addition to changes in our mark-to-market listed investments, pared the strong performance of our core underlying operations."
IPIC has interests in a number of European-based companies, including Spain's Cepsa and Austrian oil group OMV.
Through its subsidiary, Aabar Investments, it also owns stakes in Daimler and UniCredit.
Total group debt at the end of 2011 stood at $35.8 billion, the statement said, and did not reflect the repayment of nearly $1 billion in 2012.
Total assets at the end of 2011 stood at $65.3 billion while revenues hit $34.3 billion, the statement said. Full financial statements were not made available and IPIC officials were unreachable for further comment.
IPIC's first half profit for 2011 was $1.16 billion after the energy-focused company made gains on financial investments.
FROM: REUTERS
IPIC net profit slumps 96%
IPIC net profit slumps 96%
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
