The Arab Petroleum Investments Corporation (Apicorp), a Saudi-based multilateral bank owned by Arab states, has recorded 86 per cent profit in the fourth quarter of 2011 compared to the year before.

Announcing the results after board meeting in Cairo, Apicorp chief executive and general manager Ahmad Bin Hamad Al-Nuaimi said the bank's profits surged to over $57.5 million when compared to the same period last year.

Al Nuaimi said, 'The achievements made in the fourth quarter will help further bolster the net worth of Apicorp and serve to reinforce its fiscal stability in what we expect will continue to be a challenging economic environment in 2012.'

According to him, Apicorp’s total assets rose 7.4 per cent year-on year to over $4.63 billion at the end of December. Total equity at the end of 2011 soared to $1.2 billion, up 6.6 per cent compared to the previous year.

Al Nuaimi said Moody’s had recently reaffirmed A1 rating for Apicorp's long-term debt and Prime 1 for short-term debt.

“The rating affirmation, with a stable outlook, is a strong testament to the bank’s robust capitalization, liquidity, and our commitment to strong banking fundamentals.” stated Al Nuaimi.

Since its founding in 1975, Apicorp has played a vital role in fostering the development of the Arab energy industry.

The Bank has invested in 14 joint ventures in the oil and gas industry. It has also participated in direct and syndicated energy transactions worth an estimated $127 billion.

Apicorp‘s aggregate commitments in these transactions, both equity and debt, are valued in excess of $12 billion.-TradeArabia News Service