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FINANCIAL NEWS
Apicorp posts 90% hike in Q3 profit
23 Oct 2012
(MENAFN) Arab Petroleum Investments Corporation’s (Apicorp) Chief Executive and General Manager, Ahmad bin Hamad Al Nuaimi, stated that the company’s third-quarter net profit soared 90 percent to USD12.67 million from USD6.68 million recorded in the same period a year ago, reported The Peninsula.
Al Nuaimi said that the multilateral development bank owned by the 10 member countries of the Organization of Arab Petroleum Exporting Countries (Oapec) managed to log USD63.2 million net profit during the January-September period.
The figure represents a surge of 33 percent from last year’s USD47.5 million; moreover, total assets jumped 13 percent to USD5.1 billion, up from USD4.5 billion.
At the start of the current month, the corporation passed a 5-year term loan worth USD117 million to its operations.
It is worth noting that Apicorp’s Board endorsed a 5-year term loan worth USD133 million earlier this year and approved the company’s first ever 3-year USD667 million Shariah-compliant term loan facility.
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