Arab Petroleum Investments Corporation (Apicorp) underscored its rising presence in a challenging regional banking environment by announcing its annual net profit of $105.4 million for year 2011 - the highest net profit in its 36 year history. The results surpassed Apicorp’s 2010 record profit of US$95 million by 11 per cent. The multilateral development bank, founded in 1975 by the ten members of the Organisation of Arab Petroleum Exporting Countries (Oapec), also announced total assets of $4.6 billion for 2011, a rise of 7 per cent from its corresponding 2010 figure. The government of UAE owns a 17 per cent stake in Apicorp. Apicorp’s General Assembly met in Cairo on April 8, where it thanked the Board and appraised the achievements of the Executive Management and discussed Apicorp’s key achievements in 2011, which included Apicorp’s continued portfolio diversification, the success of its strategic divestment for re-investment plan, the expansion of its funding mix, and the acquisition of secondary market loan assets. “Apicorp’s success in balancing proactive business expansion with conservative fiscal management has helped it effectively navigate through credit crunch of 2011,” said Ahmad Bin Hamad Al Nuaimi, Chief Executive and General Manager of Apicorp.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor