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Apicorp profit climbs to $170m

Bahrain Business
Thu, 13 Sep 2018

MANAMA: Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank based in Saudi Arabia, has reported total income of $169.9 million for the six months ended June 2018.

The growth in income when compared with $60m for H1-2017 was supported by better performance from the corporate finance and investments divisions.

Key drivers of the strong underlying performance were a 40pc increase in net interest income to $45.9m, evidence of an increase of the yield and size of the loan portfolio; dividend income of $33.4m and a realised gain from the sale of its 29pc equity investment in National Petroleum Services.

Apicorp’ total assets stood at $6.6 billion as at 30 June 2018, a 6.3pc increase on H1-2017.

This demonstrates both the quality of the investment portfolio and the benefits of an active management strategy and high standards of corporate governance, which helps investee companies to operate more efficiently, said a statement.

Bahrain owns 3pc stake in Apicorp.

Chief executive Dr Ahmed Ali Attiga said the “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 balance sheet and reducing our cost of capital,” he added.

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