Arab Petroleum Investments Corporation (Apicorp) underscored its rising presence in a challenging regional banking environment by announcing its annual net profit of $105.4 million for year 2011 - the highest net profit in its 36 year history.
The results surpassed Apicorp’s 2010 record profit of US$95 million by 11 per cent. The multilateral development bank, founded in 1975 by the ten members of the Organisation of Arab Petroleum Exporting Countries (Oapec), also announced total assets of $4.6 billion for 2011, a rise of 7 per cent from its corresponding 2010 figure. The government of UAE owns a 17 per cent stake in Apicorp.
Apicorp’s General Assembly met in Cairo on April 8, where it thanked the Board and appraised the achievements of the Executive Management and discussed Apicorp’s key achievements in 2011, which included Apicorp’s continued portfolio diversification, the success of its strategic divestment for re-investment plan, the expansion of its funding mix, and the acquisition of secondary market loan assets.
“Apicorp’s success in balancing proactive business expansion with conservative fiscal management has helped it effectively navigate through credit crunch of 2011,” said Ahmad Bin Hamad Al Nuaimi, Chief Executive and General Manager of Apicorp.