Apicorp 2010 net profit jumps 62 per cent

Apicorp 2010 net profit jumps 62 per cent

Arab Petroleum Investment Corp looks for opportunities in shipping, tank farms, as well as refining and related infrastructure investments as it hopes to double its direct investment portfolio by 2014.

May 9, 2011 1:48 by p.deleon

The Arab Petroleum Investment Corp (Apicorp) said its 2010 net profit jumped by 62 per cent, as the lender looks to double its direct investment portfolio by the end of 2014.

Apicorp’s profit surged to $95 million from $58.5 million in 2009, it said in an email statement on Monday.

Its total shareholders’ equity also rose by 13 percent to reach $1.1 billion.

The lender is owned by the ten member states of the Organization of Arab Petroleum Exporting Countries (OAPEC), with Saudi Arabia and the United Arab Emirates governments each holding 17 percent.

Apicorp also posted a net income of $39.3 million in the first quarter of 2011, with total assets and total shareholders’ equity reaching $4.42 billion and $1.16 billion respectively.

“We are investigating opportunities in shipping, petroleum tank farms, refining and related infrastructure investments,” said Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of Apicorp.

“We are confident that Apicorp will meet its target of doubling its direct investment portfolio by the end of its 2010-2014 five year plan.”

The lender said it was able to negotiate transactions worth $3.3 billion last year within the Middle East and North African region. (Reporting by Praveen Menon; Editing by Shaheen Pasha)