APICORP’s efficiency ratio improved to 22.3% over the first six months of 2019, down from 27.4% in the same period of 2018.
Excluding the $86.7 million from the sale of its equity stake in National Petroleum Services (NPS), APICORP’s gross operating income improved comparatively by 30% in H1-19, compared to the same period a year ago.
“Our results for the first half of 2019 affirm the effectiveness of APICORP’s business strategy in diversifying its business and related activities in addition to expanding its partner base. We improved our recurring income in gross operating income and net income compared to the same period last year,” Ahmed Ali Attiga, CEO of APICORP, commented.
He added that the bank had successfully completed six medium-term funding transactions worth $1.4 billion from international markets.
“These achievements speak to the strength of our position as a trusted financial partner to the region’s energy industry. Looking ahead, we remain committed to exploring new opportunities and providing our partners with innovative solutions which support their development goals, all while continuing to spearhead the energy industry’s rapidly evolving reinvention and transformation through projects that emphasise sustainable, socially responsible development,” Attiga said.
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