apicorp q1 profit drops 22
Last Updated : GMT 03:09:26
Arab Today, arab today
Arab Today, arab today

Apicorp Q1 profit drops 22%

Arab Today, arab today

Arab Today, arab today Apicorp Q1 profit drops 22%

Abu Dhabi - Arabstoday

Arab Petroleum Investments Corporation (Apicorp), a multilateral development bank established in 1975 by the Organization of Arab Petroleum Exporting Countries (OAPEC), net profit for the first quarter of 2012 dropped to $30.7 million as compared to $39.3 million, a decrease of 22 per cent. Total assets and total shareholders’ equity was $5.2 billion and $1.3 billion respectively at the end of the first quarter. In January 2012, Apicorp expanded its funding mix with a debut Shari’a compliant club syndicated facility for $667 million. Apicorp said in a statement on Monday that its profits for 2011 rose 11 per cent to $105.4 million as compared to $95 million in the previous year. This was the bank’s highest net profit in its 36-year history. Total assets stood at $4.6 billion for 2011, a rise of seven per cent from its corresponding 2010 figure. The bank also held its annual general meeting (AGM) earlier this week where it approved $45 million in dividend to shareholders. “Apicorp’s success in balancing proactive business expansion with conservative fiscal management has helped it effectively navigate the challenges posed by the volatile global economy and credit environment of 2011,” said Ahmad Bin Hamad Al Nuaimi, Chief Executive and General Manager of Apicorp. “As a result, Apicorp’s performance has enabled it to deliver value to its OAPEC shareholders, with Net Asset Value per Share increasing from $1,707 in 2010 to $1,824 in 2011.” “With the region’s infrastructure financing landscape being reshaped following the European debt crises, we believe Apicorp will play an even more significant role this year in supporting the MENA energy sector,” Al Nuaimi said. Apicorp’s research showed that the real economy has continued to face tight credit markets and relatively high borrowing costs. This is particularly the case in the Middle East and North Africa (Mena) region where capital inflows, the bulk in the form of dollar loans, have collapsed after European banks reduced their country exposure limits or just pulled back from lending. The government of UAE owns 17 per cent stake in Apicorp.

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