* 2013 net profit 7.9 bln dhs vs 6.4 bln dhs yr ago
* Assets at end-2013 worth 251.2 bln dhs
* Fund boosted by higher equity values, FX and buys
(Adds detail, context)
DUBAI, April 30 International Petroleum
Investment Co (IPIC) posted a 23.4 percent increase in 2013 net
profit on Wednesday, as the investment fund owned by the Abu
Dhabi government benefited from a recovery in global equity
IPIC, which focuses on investments in energy and
related sectors, made 7.9 billion dirhams ($2.2 billion) in
2013, according to a statement, up from 6.4 billion dirhams in
the previous year.
Its total assets grew 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.
($1 = 3.6730 UAE Dirhams)
(Reporting by David French; Editing by Olzhas Auyezov and Mark