APICORP posts $70mln net profits in 6 months

The gross operating income of APICORP stood at $184.1mln in H1-19

  
An employee counts U.S. dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

An employee counts U.S. dollar bills at a money exchange office in central Cairo, Egypt, March 20, 2019. Image for illustrative purposes.

REUTERS/Mohamed Abd El Ghany

Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) posted a net profit of $70.4 million during the first half of 2019.

The gross operating income of the multilateral development bank stood at $184.1 million during the six-month period ended in June, according to APICORP’s statement on Monday.

The Saudi-based bank attributed the rise in its revenues to the increase in corporate finance and treasury business lines by 44% and 78%, respectively.

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.

Source: Mubasher

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