Wednesday 12, September 2018 by Jessica Combes

APICORP’s half year profits exceed $150 million

 

Total assets stood at $6.6 billion as at 30 June 2018, up from $6.2 billion in 2017.

The Arab Petroleum Investments Corporation (APICORP) announced its half year results for the six months ended 30 June 2018. Total income was $169.9 million (H1 2017: $60 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.

“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,” said Dr Ahmed Ali Attiga, Chief Executive Officer of APICORP.

 

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