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FINANCIAL NEWS
Apicorp’s Q4 profit soars 86% to USD57.5m
17 Jan 2012
(MENAFN) The Arab Petroleum Investments Corporation’s (Apicorp) Chief Executive and General Manager, Ahmad Bin Hamad Al-Nuaimi, said that in 2011’s fourth quarter, profits surged 86 percent to USD57.5 million, reported Emirates 24/7.
Al-Nuaimi added that total assets of the multilateral bank owned by the 10 member states of the Organization of Arab Petroleum Exporting Countries (OAPEC) went up 7.4 percent year-on-year, to exceed USD4.63 billion, while total equity rose more than 6.6 percent to USD1.2 billion.
On the other hand, he said that recently, Moody’s Investors Services’ reaffirmed Apicorp’s A1 rating for long-term debt and Prime 1 for short-term debt, adding that the reaffirmation is a strong evidence to the bank’s healthy capitalization, liquidity, and commitment to strong banking fundamentals.
It is worth noting that 17 percent stake of Apicorp is owned by the government of UAE.
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