The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, reported a 17% year on year increase in income to $112 million in 2019, up from $96 million the previous year.
APICORP’s profitability was driven by Corporate Banking and Treasury, whose gross income increased 32% and 24% year on year to reach $201 million and $80 million, respectively.
The corporation’s balance sheet grew by 5.7% from $6.95 billion in 2018 to $7.35 billion. Leverage (debt-to-equity ratio) remained in check reaching 2.13 in December 2019 compared to 2.07 in the same period last year, and capital adequacy improved slightly from 29.34% in 2018 to 29.6% in 2019.
Dr. Ahmed Ali Attiga, CEO of APICORP, said: “The increase in net recurring income by 17% and Moody’s credit rating upgrade are both significant milestones that stand as a testament to APICORP’s solid fundamentals. This gives us the confidence to continue to support to the Arab world’s energy sector during a time when sustainable, impact-driven projects have never been more needed.”