APICORP announce profits at board meeting

The meeting was chaired by Mr. Abdullah Al-Zaid, representative of the government of the Kingdom of Saudi Arabia; the meeting was attended by representatives from member states.

The meeting was also attended by Mr. Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of APICORP.

The board reviewed matters related to the corporation's finance and investment activities. In addition, the board also reviewed the financial statements for the period from January to November 2005, as well as the budget estimate for the year 2006.

Mr. Al-Nuaimi stated that the financial statements of the corporation for the period January to November 2005, disclosed a record profit of 168%, compared to the same period last year.

Mr. Al-Nuaimi added that, these postive results came in most from the capital gains achieved from selling APICORP's equity share in the Egyptian Fertilisers Company.

These results were also simultaneous with the increase in revenues from the corporation's investments portfolio in companies operating in the oil, gas and petrochemical sectors in a number of Arab countries, which in turn rose by 53%, compared to the same period last year.

On the project and trade finance front, Mr. Nuaimi pointed out that the year 2005 was considered an exceptional one for APICORP, where its loan participation totalled 20 agreements during the period , compared to 18 in 2004 and 11 in 2003.

Mr. Al-Nuaimi went on to say that between the months of September and November of 2005, APICORP participated in project finance loans amounting to US$ 2.8 billion, arranged for petroleum and petrochemical projects in the Arab world.

At the end, the Chairman and members of the Board of Directors expressed their thanks and gratitude to the Government of the Kingdom of Bahrain for the warm reception and generous hospitality extended to them during their stay in their second homeland the Kingdom of Bahrain.