Arab Today, arab today apicorp income surges 24 to reach 51 million in h1
Last Updated : GMT 14:08:53
Arab Today, arab today
Arab Today, arab today

Apicorp income surges 24% to reach $51 million in H1

Arab Today, arab today

Arab Today, arab today Apicorp income surges 24% to reach $51 million in H1

Dubai - Arabstoday

Arab Petroleum Investments Corporation (Apicorp) on Tuesday announced a net income of $51 million for the first half of 2012 compared to $41 million for the same period of last year, representing an increase of 24 per cent. Apicorp, the multilateral development bank owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries (Oapec), assets rose 18 per cent in the first half to reach $5.12 billion compared to $4.33 billion over the same period last year. The government of UAE owns a 17 per cent stake in Apicorp. First half results were bolstered by a 2012 second quarter net income of $20 million compared to $2 million recorded in Q2 2011, achieved on the back of APICORP’s ability to continue reducing its funding costs while increasing lending activity, amidst the withdrawal of European banks from financing regional projects. Commenting on the announcement, Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of Apicorp said: “The first half results demonstrate the measured approach to growth practiced at Apicorp, which has allowed it to operate comfortably in carrying out its mandate amidst challenging global economic conditions, marked currently by the ongoing uncertainty of the European debt crisis. These results also provide a strong impetus for Apicorp to continue to diversify its equity, financing and funding portfolios.” Al Nuaimi added, “This year, Apicorp has continued to increase the size of its medium term committed funding that has further strengthened its capital base while continuing to support new Arab oil and gas initiatives.” Apicorp announced a series of key initiatives and transactions in the first half of this year, which included its collaboration with J P Morgan to expand its energy trade finance services to the Arab World and beyond, and Apicorp’s first ever SAR 2.5 Billion ($667 million) Shari’ah Compliant term loan facility, which was oversubscribed by leading Saudi banks. Al Nuaimi further stated: “Apicorp is committed to ensuring long term sustainable growth by balancing its continued diversification of business streams and funding portfolios with strong conservative banking fundamentals. As a result, Apicorp continues to enjoy one of the highest capital adequacy ratios for A-rated banks in the Middle East and North Africa region, coupled with one of the lowest leverage ratios. This in turn allows Apicorp to withstand the impact of slow global recovery as well as any potential shocks in international markets.” 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 $16 billion.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today apicorp income surges 24 to reach 51 million in h1 Arab Today, arab today apicorp income surges 24 to reach 51 million in h1

 



Arab Today, arab today
Arab Today, arab today Prepares to present her new collection

GMT 14:29 2017 Monday ,20 February

Prepares to present her new collection
Arab Today, arab today Tourism shows signs of recovery

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today 11 family members dead in rebel push

GMT 07:57 2017 Tuesday ,21 February

11 family members dead in rebel push
Arab Today, arab today To probe sexual harassment claims

GMT 10:08 2017 Tuesday ,21 February

To probe sexual harassment claims
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Kidogo provides childcare for underserved

GMT 20:24 2017 Wednesday ,15 February

Kidogo provides childcare for underserved
Arab Today, arab today 63-Year-Old Woman Delivers Baby

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby
Arab Today, arab today London to tax old cars

GMT 14:06 2017 Friday ,17 February

London to tax old cars
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Competes Sweden and Germans by S90

GMT 22:36 2017 Thursday ,16 February

Competes Sweden and Germans by S90
Arab Today, arab today Ahmed Fahmy stresses he did not ignore singing

GMT 06:34 2017 Sunday ,19 February

Ahmed Fahmy stresses he did not ignore singing
Arab Today, arab today Teach monkeys to recognize themselves in mirror

GMT 20:41 2017 Wednesday ,15 February

Teach monkeys to recognize themselves in mirror

GMT 21:11 2017 Saturday ,18 February

Egypt to hold first session of Arab film festival

GMT 06:50 2017 Wednesday ,15 February

Tragic fluctuations of Bakhtiari's life revealed

GMT 19:10 2017 Friday ,17 February

Hats, scarves add beauty to women

GMT 10:26 2017 Tuesday ,14 February

Emergency UN meeting in Harare

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 14:51 2017 Monday ,20 February

Ways to acquire presentation skills

GMT 19:16 2017 Friday ,17 February

Aziz House ready to host the tourists

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:39 2017 Monday ,20 February

newest smartphone another winner for Huawei

GMT 13:16 2017 Tuesday ,14 February

First fashion model with Down syndrome
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday