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FINANCIAL NEWS
APICORP reports USD51m H1 net income
15 Aug 2012
(MENAFN) Arab Petroleum Investments Corporation’s (APICORP) chief executive and GM, Ahmad bin Hamad Al-Nuaimi, stated that the company’s net income jumped 24 percent in the January-June period, to USD51 million from USD41 million in 2011’s same period, reported Arab News.
Al-Nuaimi said that during the period, assets of the multilateral development bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), reached USD5.12 billion, representing a rise of 18 percent from the USD4.33 billion posted last year.
He added that in the second quarter, net income grew to USD20 million from USD2 million.
It is worth noting that the first half witnessed APICORP’s first ever USD666 million Shariah-compliant term loan facility, which was oversubscribed by leading Saudi banks.
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