IPIC announces $44.7m net profit for 2011

Strong performance from operating subsidiaries and consolidation of new acquisitions saw revenues grow to $34.3bn, a 164% increase from the prior year.

Profit from continuing operations increased from $118.4m to $540.6m in 2011, representing an increase of 357%.

Total assets as at 31st December 2011 reached $65.3bn, a 36% increase from the prior year.

Group debt as at 31st December 2011 was $35.8bn and does not reflect subsequent repayments of nearly $1bn in 2012.

Khadem Al Qubaisi said, "Results for 2011 in comparison to 2010 were subject to both market and economic volatility which continues today."

Al Qubaisi said, "The impact of Euro/Dollar exchange rates on the value of IPIC's Euro denominated assets, in addition to changes of our mark-to-market listed investments, paired the strong performance of our core underlying operations."

"However, as IPIC is a long-term shareholder, the group looks through short-term mark-to-market positions to realize long-term gains. Our overall performance in these challenging conditions is a testament to the quality of our assets and our business model," he added.

IPIC, established in 1984, is a wholly owned Government of Abu Dhabi company with a focus on investments in international energy and energy-related industries.