The Arab Petroleum Investments Corporation (APICORP) has announced 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 percent and 78 percent, respectively.
Its efficiency ratio improved to 22.3 percent over 2019’s first six months, down from 27.4 percent in the same period of 2018.
On the other hand, APICORP’s balance sheet recorded a growth of 6.2 percent to amount to $7.4 billion due to the increase in the size of the portfolios of project finance, trade, treasury and securities sector.
This increase was financed by increased equity and the corporation’s success in bolstering its external financing sources through several financing transactions, bringing the maturity of more than two years to constitute a total of 40 percent of total indebtedness and equity, compared to 33 percent in December.
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 percent in H12019, 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,” said Ahmed Ali Attiga, CEO of APICORP.
“We have improved our recurring income in gross operating income and net income compared to the same period last year,” Attiga added.
He noted that the bank had successfully completed six medium-term funding transactions worth $1.4 billion from international markets.
These achievements reflect the corporation’s firm 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 emphasize sustainable, socially responsible development,” Attiga said.
