Apicorp Q3 net profit jumps 90pc
Cairo, October 22, 2012
Arab Petroleum Investments Corporation (Apicorp), a Saudi-based multilateral bank owned by the Arab states, maintained the robust growth momentum this year with a 90 per cent jump in its third quarter net profit.
Announcing the record results, Apicorp CEO and GM Ahmad Bin Hamad Al-Nuaimi said the bank saw its third quarter net profit almost doubling to $12.67 million from from last year's profit of $6.68 million.
The third quarter results were approved at Apicorp’s quarterly board meeting held in Cairo last week.
Al-Nuaimi said Apicorp’s cumulative net profit for the first three quarters reached $63.2 million, up 33 per cent compared to $47.5 million in the same period last year. The total assets rose 13 per cent to reach $5.1 billion compared to $4.5 billion.
"Our third quarter performance validates our strategic roadmap where we have maintained a balance between growth initiatives and risk management," he remarked.
"Apicorp’s ability to enhance its lending capacity on the back of its capital base expansion and funding diversification not only makes it stand out in today’s tough banking environment, but is also delivering results for Apicorp’s shareholders and resulted in last month’s rating upgrade by Moody’s from A1 to a double Aa3," he added.
Earlier this month in Cairo, Apicorp’s board ratified a five-year term loan worth SR440 million ($117 million) towards financing the multilateral development bank’s operations, said Al-Nuaimi.
Earlier this year, the board approved a five year term loan worth SR500 million ($133 million), and approved Apicorp’s first ever three year SR2.5 billion ($667 million) Shari’ah compliant term loan facility, which was oversubscribed by leading Saudi banks.
"In 2012, we expanded our array of value offerings aimed at supporting energy companies through a series of initiatives that included a partnership with JP Morgan to expand our energy trade finance services to the Arab World and beyond," said the top official.
"At a time when international bank financing resources are getting scarcer in the region, we expect Apicorp to play an even more significant role in supporting energy-related transactions and being a growth-enabler for the Arab hydrocarbon industry," he added.
In Cairo, the board gave the go-ahead for Apicorp to extend loans worth $387 million; trade financing facilities worth $277 million; and letters of credit to institutions both within and outside the Arab region.-TradeArabia News Service