UAE-Apicorp achieves $64.3m profit by September-end

03 Nov 2010

(MENAFN) Chief Executive Officer and General Manager of The Arab Petroleum Investments Corporation, or Apicorp, Ahmad bin Hamad Al Nuaimi, announced that the organization achieved a net profit of $64.31 million during the January-September period, registering a 42 percent increase, compared to the same period in 2009, Khaleej Times reported.

Apicorp reported a net profit of $47 million for the first six months of 2010, a 95 percent increase compared to the same period a year earlier, and for 2009 the company achieved a net profit of $59 million, which is a 111 percent increase from 2008, the CEO stated.

At the end of September, Apicorp�s total assets reached $4.15 billion, which registers as a 7.5 percent increase, Al Nuaimi said.

Over the past couple of months, Apicorp participated in financing oil and gas transactions with project values of $9 billion with the Multilateral Bank�s commitments aggregating $213 million.

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