International Petroleum Investment Company (Ipic) reported a 6.67 per cent profit rise to AED3.2bn ($871.2m) over the first half of 2013.

The Abu Dhabi-owned fund, which invests in energy-related assets, attributed the gains primarily to a recovery in global equity markets.

Revenues decreased 1 per cent to AED95.7bn, resulting in operating income decreasing 16.2 per cent to AED5.2bn.

Total assets decreased 2.59 per cent to AED 233.1bn at 30 June, resulting from the unwinding of derivative positions, but also leading to a decrease of 4 per cent in liabilities to AED174.8bn.

The fund said it had repaid AED7.35bn of debt in September.