FINANCIAL NEWS

Apicorp’s reports $47 million net income in H1

09 Aug 2010

(MENAFN) Chief Executive of the Arab Petroleum Investments Corporation (Apicorp), Ahmad Bin Hamad Al Nuaimi, revealed that a multilateral bank owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries, reported a 95 percent increase in the above-budget net income reaching $47 million for the first half of 2010 compared to the prior period of last year, Gulf News reported.

The UAE Government has a 17 percent share in Apicorp.

According to Al Nuaimi, Apicorp’s total income surged 75 percent at the end of June in comparison to the corresponding period of 2009. Assets jumped to $4.3 billion from $4.1 billion on December 31 of last year while total shareholders’ equity stood at $1.069 billion at the end of June 2010, he added.

Al Nuaimi said that the rise in net income signaled the sound financial fundamentals the organisation perserved despite the recent economic turmoil that has influenced credit and capital flows. He added that these results will assist Apicorp’s upcoming phase in its business module to enhance its funding mix and to diversify its investments in the oil and gas sectors.

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