International Petroleum Investment Co. (Ipic) posted profits of 6.4 billion UAE dirhams ($1.76 billion) last year, up significantly from 2011, the Abu Dhabi state-backed firm said in a statement on Tuesday. Ipic attributed the significant increase -- up from just $44.7 million net profit in 2011 -- to "robust operational performance of Cepsa, NOVA Chemicals and Borealis along with the recovery of certain listed equities held by Aabar."
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