Monday 22 April 2019

Apicorp H1 net profit tops $150m

DAMMAM, Saudi Arabia, September 12, 2018

The Arab Petroleum Investments Corporation (Apicorp) has posted a net profit of $150.3 million for the first half of the year (H1) as compared to $41.8 million during H1 2017.

Total income was $169.9 million (H1 2017: $60.0 million) supported by better performance from the Corporate Finance and Investments divisions.

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

Apicorp’s total assets stood at $6.6 billion as at 30 June 2018, a 6.3 per cent increase on H1 2017.This demonstrates both the quality of Apicorp’S investment portfolio and the benefits of its active management strategy and high standards of corporate governance, which helps its investee companies to operate more efficiently, a company statement said.

Commenting on the half year results, Dr Ahmed Ali Attiga, chief executive officer of Apicorp, said: “Apicorp’s 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 own balance sheet and reducing our cost of capital.” – TradeArabia News Service

Tags: Apicorp | Net Profit |

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