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Thursday, 8 June 2017

Ipic proved profitable in 2016 | The National

Ipic proved profitable in 2016 | The National:

"International Petroleum Investment Company (Ipic), which has merged with Mubadala Development Company to become Mubadala Investment Company, swung back into profit last year despite weaker oil prices, as margins improved and its asset impairment charges declined. The company said total comprehensive income last year was US$200 million, compared to a loss of $4.1 billion in the previous year. Net sales during the year declined a little more than 6 per cent, to $31bn, mainly because of lower oil and gas prices. But gross margins nearly quadrupled to 19 per cent, with lower feedstock prices helping to push the operating profit to $1.9bn from a $3.6bn loss the year before."

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