FINANCIAL NEWS

APICORP’s 2011’s profit surges to record high of USD105.4m

17 Apr 2012

(MENAFN) Arab Petroleum Investments Corporation (APICORP) said that net profit for 2011 grew by 11 percent from 2010’s USD95 million to a record high of USD105.4 million, reported Arab News.

The multilateral development bank added that total assets rose 7 percent from a year earlier to USD4.6 billion for 2011.

It also said that in 2012’s first quarter, net profit reached USD30.7 million, whereas total assets were USD5.2 billion and total shareholders’ equity reached USD1.3 billion.

Furthermore, APICORP decided to distribute USD45 million as dividends to shareholders, also another record in its 36-year history.

It is worth noting that APICORP was established in 1975 by the 10 members of the Organization of Arab Petroleum Exporting Countries (OAPEC).

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