APICORP records net income of US$ 47 million for the first half of 2010
The Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), today reported an above-budget net income of US$ 47 million for the first six months of 2010, a 95% rise over the same period last year. The UAE Government owns a 17% stake in APICORP.
Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of (APICORP) said, “The surge in net income reflects the sound financial fundamentals the organization maintained despite the current economic environment that has adversely affected credit and capital flows. Not only have we remained self-sufficient in meeting our financial obligations at the height of the crisis, but the fact that APICORP exceeded budgeted estimates for H1 2010 points to the viability of its business model.” Al Nuaimi also said, “The excellent results for the first half of this year gives us a stable foundation for implementing APICORP’s next phase in its business plan to optimize its funding mix and to diversify its investments in new sectors within the oil and gas industry.”
At the end of June 2010, APICORP total income jumped to US$52 Million, a 75% rise over the same period last year. Assets climbed to US$ 4.3 billion from $ 4.1 billion on 31 December 2009. Total Shareholders’ Equity also reached US$1.069 billion at the end of June 2010, from US$ 1.002 billion at the end of 2009.
“APICORP is well-positioned to benefit from the turnaround in energy investments that will accompany economic recovery,” Al Nuaimi said. “Hydrocarbon and energy assets are expected to outperform others as the global economy recovers. Large oil and gas projects expected to be implemented in the Arab world over the coming years represent exceptional investment opportunities. We expect APICORP to play a meaningful role in these opportunities.”
Earlier this year, APICORP obtained a strong backing for its credit profile when it received a first-time issuer rating of A1 from Moody’s Investors Service for long-term debt and Prime-1 for short-term debt.
APICORP has an authorized capital of US$ 1.2 billion and a fully paid-up and subscribed capital of US$550 million.
© 2010 Mena Report (www.menareport.com)