The Arab Petroleum Investments Corporation (APICORP) reported its highest-ever profit for a half-year period, supported by high interest rates.

The multilateral energy-focused financial institution, headquartered in Saudi Arabia, recorded $108.7 million in net comprehensive income for the period ending June 30, 2023, up by 87% compared to the same period last year.

Net operating income went up by 32% year-on-year (YoY) to $129 million, helped by operations efficiencies, rising interest environment and funding optimisation, the company said in a statement on Tuesday.

“Taking advantage of the favourable interest environment, we continued to optimise our business structure, operations, and expand our range of …investment solutions,” said Khalid Ali Al-Ruwaigh, CEO of APICORP.

The company’s total assets for the six-month period went up by 10.3%.

Its investment portfolio grew to $1.3 billion from $1.2 billion, while its corporate banking portfolio inched up by 5% to $4.3 billion.

The treasury and capital markets portfolio also expanded by $1 billion to hit $3.9 billion.

(Writing by Cleofe Maceda; editing by Seban Scaria)