Arab Petroleum Investments Corp (APICORP), the Dammam-based multilateral financial institution focused on energy in MENA, witnessed a 40% YoY surge in net comprehensive income to $164 million in 2022.
Despite a volatile macroeconomic backdrop that included a decline in global equity prices, APICORP reported a strong financial performance, which, according to Chairman of APICORP Aabed Al Saadoun, was “guided by strategic priorities and legacy of financing for impact.”
“We continued to solidify our position as a trusted partner for the Arab energy sector and a leading catalyst for a balanced energy transition in the region,” Al Saadoun said.
The entity’s treasury and capital markets segment witnessed the highest annual growth with $82 million increase in gross operating income.
APICORP’s balance sheet soared by 10.8% with the assets hitting $8.85 billion at the end of December 2022, according to a press release.
The corporation registered gross operating income from its Corporate Banking and Treasury at $198 million in 2022 compared to a gain of $122 million in the previous year, in addition to gross operating income from Capital Markets assets at $70 million against a loss of nearly $12.50 million.
