The Arab Petroleum Investments Corporation (APICORP), has announced its 2014 full year consolidated financial results for the period ending 31st December 2014.
The investment company established in 1975 by the 10 member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC), posted a net profit of $105.03mn for 2014.
The total was adjusted as the organisation took the step of building up an investment provision of $13.48mn.
As of 31st December 2014, total assets had grown to $5.88bn, with shareholders’ equity increasing to $1.86bn.
During the year, APICORP successfully finalised three Shariah-compliant medium-term funding facilities totalling $1.2bn, which is aligned with the company’s strategy of improving its terms of funding facilities and better managing its cost of funds.
This was reinforced by Moody’s reaffirming the company’s foreign currency issuer rating of Aa3 for long-term debt, and Prime-1 for short-term debt, with a stable outlook, for the third consecutive year.
APICORP’s balance sheet remains robust, with significant liquidity of $983mn and a very healthy capital adequacy ratio of 28.8%.
Commenting on the results, APICORP’s Chairman, Dr. Aabed bin Abdulla Al Saddoun, said:
“2014 was a solid but challenging year, punctuated by continued uneven global economic growth, ongoing regional geopolitical tensions, and a dramatic decline in oil prices during the fourth quarter.
“Against this backdrop, we adopted a dynamic but prudent approach, continuing to grow the business while maintaining a conservative risk profile. This enabled us to achieve a strong financial performance overall, while also making sound progress in implementing our new five-year strategy.”
