Arab Petroleum Investments Corporation saw net profit almost double from the same period last year from $6.68 million to $12.67 million.
The company’s net profit for the first three quarters of the year reached $63.2 million, a 33% jump from the $47.5 million recorded over the same period last year and total assets rose 13% to reach $5.1 billion compared to $4.5 billion at the end of September 2011.
“Our third quarter performance validates our strategic roadmap where we have maintained a balance between growth initiatives and risk management,” said APICORP Chief Executive and General Manager, Ahmad Bin Hamad Al-Nuaimi in the quarterly release. “APICORP’s ability to enhance its lending capacity on the back of its capital base expansion and funding diversification not only makes it stand out in today’s tough banking environment,” he said.
APICORP, headquartered in Saudi Arabia, was created by the Organisation of Arab Petroleum Exporting Countries as a multilateral banking institution.
