The Arab Petroleum Investments Corporation (APICORP), a multilateral bank owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC), today announced record profits for the fourth quarter (Q4) of 2011. Profits grew 86% from Q4 2010 to over US$57.5 million. The results were announced at APICORP’s quarterly Board Meeting held in Cairo on December 25, 2011. The government of UAE owns a 17 % stake in APICORP.
Commenting on the announcement, Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of APICORP said: “The achievements made in the fourth quarter will help further bolster the net worth of APICORP and serve to reinforce its fiscal stability in what we expect will continue to be a challenging economic environment in 2012.”
APICORP’s total assets rose 7.4% year-on year to above US$ 4.63 billion at the end of December 2011. Total equity at the end of 2011 climbed over 6.6%, compared to 2010, to US$ 1.2 billion.
Al Nuaimi also commented on Moody’s Investors Services’ recent reaffirmation of APICORP’s A1 rating for long-term debt and Prime 1 for short-term debt. “The rating affirmation, with a stable outlook, is a strong testament to APICORP’s robust capitalization, liquidity, and our commitment to strong banking fundamentals.” said Al Nuaimi.
Since its founding in 1975, APICORP has played a vital role in fostering the development of the Arab energy industry. The Bank has invested in 14 joint ventures in the oil and gas industry. It has also participated in direct and syndicated energy transactions worth an estimated $127 billion. APICORP‘s aggregate commitments in these transactions, both equity and debt, are valued in excess of US$12 billion.
