Ipic profitable in 2016

Net profit $200 million for 2016 vs loss of $4.1billion in 2015.

Details (notes 14, 17) show a big swing in cost of sales due to a drop in impairment of oil & gas properties from $3 billion in 2015 to $1 million in 2016 (I double checked the b’s and m’s).

Digging, I found that “the Group changed its accounting policy with respect to the subsequent measurement of investment properties from the cost model to fair value model.”

To get a better picture I went to cash flow from operations and it dropped $572 million in 2016. Net position appears strong, direction of business not so much. Capital intensive, long term cash conversion cycle. Challenging business.

Ipic Financials.

Article in The National.

 

2 Comments

  1. Tony Abou Jawad

    Sabah your Financials link does not work.. (http://full%20year%202016%20consolidated%20financial%20statements/)

    1. Thanks. Fixed.

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