APICORP posts in­come of $169.9 mil­lion for half year

The Gulf Today - Business - - REGION -

DAMMAM: The Arab Pe­tro­leum In­vest­ments Cor­po­ra­tion (APICORP) of Saudi Ara­bia has an­nounced its half-year re­sults for the six months ended 30 June 2018. To­tal in­come was $169.9 mil­lion (H1 2017: $60.0 mil­lion) sup­ported by bet­ter per­for­mance from the Cor­po­rate Fi­nance and In­vest­ments di­vi­sions.

Key driv­ers of this strong un­der­ly­ing per­for­mance were a 40 per cent in­crease in net in­ter­est in­come to $45.9 mil­lion, ev­i­dence of an in­crease of the yield and size of the loan port­fo­lio; div­i­dend in­come of $33.4 mil­lion and a re­alised gain from the sale of its 29 per cent eq­uity in­vest­ment in Na­tional Pe­tro­leum Ser­vices.

The com­pany’s to­tal as­sets stood at 6.6 bil­lion as at 30 June 2018, a 6.3 per cent in­crease on H1 2017. This demon­strates both the qual­ity of APICORP’S in­vest­ment port­fo­lio and the ben­e­fits of its ac­tive man­age­ment strat­egy and high stan­dards of cor­po­rate gov­er­nance, which helps its in­vestee com­pa­nies to op­er­ate more ef­fi­ciently.

Com­ment­ing on the half year re­sults, Dr Ahmed Ali At­tiga, Chief Ex­ec­u­tive Of­fi­cer of APICORP, said: “The com­pany’s ex­cel­lent half year re­sults re­flect the con­tin­ued progress we have made in im­ple­ment­ing our strat­egy to di­ver­sify the busi­ness, both in terms of sec­tors and ge­ogra­phies, and also in es­tab­lish­ing a bal­ance be­tween lend­ing and eq­uity in­vest­ment. This has been a col­lec­tive ef­fort across the whole cor­po­ra­tion, and our Trea­sury di­vi­sion plays a vi­tal role in strength­en­ing our own bal­ance sheet and re­duc­ing our cost of cap­i­tal.”

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