The Arab Petroleum Investments Corporation (APICORP) announced achieving a 10% increase in net profits during H1 2019 to $70.4 million.
Meanwhile, gross operating income grew by 30% to $184.1 million, compared with the same period in 2018.
Increased revenues resulted from growth in finance and treasury business lines, by 44% and 78%, respectively.
“Our results for the first half of 2019 affirm the effectiveness of APICORP’s business strategy in diversifying its business and related activities in addition to expanding its partner base,” Ahmed Ali Attiga, APICORP CEO, commented.
“Despite challenging market conditions, we also successfully completed six medium-term funding transactions worth $1.4 billion from international markets,” he further added.
APICORP was created by the Organization of Arab Petroleum Exporting Countries (OAPEC) in 1975.