APICORP net profit jumps by 31 per cent

APICORP 2013 H1 Net Profit Jumps by 31 per cent to USD 66 million

By (Wam)

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Published: Tue 24 Sep 2013, 5:45 PM

Last updated: Tue 7 Apr 2015, 8:25 PM

The Arab Petroleum Investments Corporation (APICORP), which is the Multilateral Development Bank owned by the ten member nations of the Organisation of Arab Petroleum Exporting Countries (OAPEC), today announced that its net profit for the first half of the year grew 31% to USD 66 million from USD 51 million for H1 2012. APICORP’s assets reached USD 5.12 billion at the end of H1 2013. The government of the UAE owns a 17 per cent stake in APICORP.

The Multilateral Development Bank also announced that leading global ratings agency, Moody’s, has affirmed its issuer rating and senior unsecured rating at Aa3 with a stable outlook. The rating affirmation reflects APICORP’s strong capital adequacy position, high-quality asset portfolio and strong shareholder support. Moody’s also retained its Prime-1 rating for APICORP’s short-term debt.

Ahmad bin Hamad Al Nuaimi, the Chief Executive and General Manager of the APICORP, said, “Our strong profit growth reflects our ability to continuously expand our income streams while ensuring the optimal funding composition that supports sustainable growth. We will continue to widen our investment and financing horizons by exploring new opportunities with a key focus on growing trade finance activities in the region. In the fourth quarter of this year, APICORP will be conducting an extensive exercise to develop a new five-year strategic plan for 2014-2018 that will further support our mandate of raising capital access and enhancing the financial performance of the Arab energy industry.”

Since its founding in 1975, APICORP has played a vital role in fostering the development of the Arab energy industry. Over the last 37 years, APICORP has invested, as an equity owner, in a total of 22 oil and gas joint venture projects worth in excess of USD 16 billion. At the same time, APICORP has participated in direct and syndicated energy finance transactions worth in excess of USD 130 billion. APICORP‘s aggregate commitments in these transactions, both in equity and debt, are valued in excess of USD 12 billion.

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