Arab Petroleum Investments Corporation Q3 2012 net profit jumps 90%
- Egypt: Monday, October 22 - 2012 at 15:04
- PRESS RELEASE
Arab Petroleum Investments Corporation (APICORP), the multilateral development bank owned by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), maintained its robust growth momentum this year with its third quarter net profit almost doubling from last year.
APICORP's cumulative net profit for the first three quarters of this year reached $63.2m, a 33% jump from the $47.5m recorded over the same period last year. Total assets rose 13% to reach $5.1bn compared to $4.5bn at the end of September 2011.
Commenting on the results, Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of APICORP, said, "Our third quarter performance validates our strategic roadmap where we have maintained a balance between growth initiatives and risk management. APICORP's ability to enhance its lending capacity on the back of its capital base expansion and funding diversification not only makes it stand out in today's tough banking environment, but is also delivering results for APICORP's shareholders and resulted in last month's rating upgrade by Moody's from A1 to a double Aa3."
Earlier this month in Cairo, APICORP's Board ratified a five-year term loan worth SR440m ($117m) towards financing the Multilateral Development Bank's operations. Earlier this year, the Board approved a five year term loan worth SR500m ($133m), and approved APICORP's first ever three year SR2.5bn ($667m) Shari'ah Compliant term loan facility, which was oversubscribed by leading Saudi banks.
"In 2012, we expanded our array of value offerings aimed at supporting energy companies through a series of initiatives that included a partnership with J.P. Morgan to expand our energy trade finance services to the Arab World and beyond. At a time when international bank financing resources are getting scarcer in the region, we expect APICORP to play an even more significant role in supporting energy-related transactions and being a growth-enabler for the Arab hydrocarbon industry," said Al Nuaimi.
In Cairo, the Board gave the go-ahead for APICORP to extend loans worth $387m; trade financing facilities worth $277m; and letters of credit to institutions both within and outside the Arab region.
Since its founding in 1975, APICORP has played a vital role in fostering the development of the Arab energy industry. Over the last 36 years, APICORP has invested, as an equity owner, in a total of 22 oil and gas joint venture projects worth in excess of $16bn. At the same time, APICORP has participated in direct and syndicated energy finance transactions worth in excess of $130bn. APICORP's aggregate commitments in these transactions, both in equity and debt, are valued in excess of $11bn.
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