The Arab Petroleum Investments Corporation (APICORP) has announced registering a profit of $55.1mn in the first half of 2016, despite challenging market conditions caused by low oil prices.
However, APICORP’s total profit for H1 2016 was lower than the same period last year, during which it earned $56.5mn.
Moody’s Investors Service has also affirmed APICORP’s foreign currency issuer rating at “Aa3” with a “Stable” outlook.
In maintaining its rating status, Moody’s cited the increase of APICORP’s callable capital in 2016 from $500mn to $1bn.
Since start of H2 2016, APICORP has been involved in several financing and investment opportunities.
In July, the Company along with the National Shipping Company of Saudi Arabia (Bahri) launched a shipping fund that will invest up to $1.5bn in 15 Very Large Crude Carriers (VLCCs).
In October, APICORP issued a $300mn Formosa bond in the Taiwanese market.
More recently, the Company arranged a 3-year $100mn Murabaha Financing Facility for Egyptian General Petroleum Corporation (EGPC).
