Apicorp posts three-fold rise in H1 profits

DAMMAM / WAM

The Arab Petroleum Investments Corporation (Apicorp) announced its half year results for the six months ended June 30. The company records total income of $169.9 million as compared to $60.0.
Key drivers of this strong underlying performance were a 40 percent increase in net interest income to $45.9 million, evidence of an increase of the yield and size of the loan portfolio; dividend income of $33.4 million and a realised gain from the sale of its 29 percent equity investment in National Petroleum Services.
Apicorp’s total assets stood at $6.6 billion as at June 30, a 6.3 percent increase on H1 2017. This demonstrates both the quality of Apicorp’s investment portfolio and the benefits of its active management strategy and high standards of corporate governance, which helps its investee companies to operate more efficiently.
The Dammam-based Apicorp is a multilateral development bank established to foster development of Arab world’s oil and gas industries.

Commenting on the half year results, Dr Ahmed Ali Attiga, Chief Executive Officer of Apicorp, said: “Apicorp’s excellent half year results reflect the continued progress we have made in implementing our strategy to diversify the business, both in terms of sectors and geographies, and also in establishing a balance between lending and equity investment. This has been a collective effort across the whole corporation, and our Treasury division plays a vital role in strengthening our own balance sheet and reducing our cost of capital.”
The Dammam-based Arab Petroleum Investments Corporation (Apicorp) is a multilateral development bank established to foster the development of the Arab world’s oil and gas industries. The organization was created under the terms of an agreement signed by the 10 Member States of the Organization of Arab Petroleum Exporting Countries (OAPEC) in September 1974 with a mandate to transform the Arab energy industry into a powerful force for the region’s economic progress.