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<\/strong>The Arab Petroleum Investments Corporation (APICORP), a multilateral financial institution, today announced its financial results for the first six months of the year ending on June 30, 2022. <\/p>\n\n\n\n APICORP continued its post-pandemic\ngrowth with major financial and operational achievements against a backdrop of\nmarket volatility and inflation concerns that have sparked significant rates\nhikes and asset pricing fluctuations globally. At the end of the first half of\n2022, APICORP recorded a net income of USD 52mn, a 67% y-o-y increase. The\nCorporation\u2019s balance sheet marginally grew by 3% y-o-y to USD8.26bn. Net income\nfrom operations grew significantly to USD 97.9 million in H1 2022 from USD\n40.7mn in H1 2021 <\/p>\n\n\n\n Growth\nin Treasury and Capital Markets<\/em><\/strong><\/p>\n\n\n\n APICORP\u2019s\nTreasury assets reached USD 2.9bn, representing an increase of USD 712mn or 32%\ny-o-y rise. This was attributed to good opportunity available in money market\nplacements and lower cost of funding for short-term borrowings. <\/p>\n\n\n\n Moreover,\nTreasury income grew by USD 31.6mn mainly due to restructuring of Treasury\ninvestment book and higher gross interest earnings and capital gains from sale\nof fixed income securities as average price of LIBOR reached 100 bps compared\nto 18 bps in H1 2021. <\/p>\n\n\n\n Dr.\nAabed Al-Saadoun, Chairman of the APICORP Board,<\/strong> said<\/strong>:\n\u201cAPICORP has continued to deliver robust and consistent results in the first\nhalf of 2022, despite growing market volatility and inflation concerns. Our\nstructural and strategic resilience has facilitated exceptional performance in\nall our business segments as we continue to showcase our economic and community\nimpact and cement our legacy of financing for impact.\u201d<\/p>\n\n\n\n Khalid Ali Al-Ruwaigh, Chief Executive\nOfficer of APICORP, said<\/strong>: \u201cEven as the global and regional financial\nmarkets are facing economic headwinds, APICORP recorded an increase in balance\nsheet and income y-o-y during the first six months of 2022. All business units\ncontinued to deliver growth showcasing alignment with our growth strategy. The\nTreasury business unit in particular showcased growth led by better money\nmarket performance of our investments. Our goals continue to define our ongoing\noperational and financial performance as we work towards achieving a balanced\nenergy transition and providing financial services and solutions for the energy\nof tomorrow.\u201d<\/p>\n\n\n\n Business\nLine Highlights<\/strong><\/p>\n\n\n\n Treasury\n& Capital Markets<\/strong><\/p>\n\n\n\n The treasury and capital markets\nportfolio had an exceptional first half due to lucrative opportunities\navailable in money market placements. The unit was the best performer\nincreasing in size in the first six months of 2022 to USD 2.9bn and beating\nbudgeted returns to record a gross income of USD 21.9mn.<\/p>\n\n\n\n Investments<\/strong><\/p>\n\n\n\n The\nnet income of the Corporation\u2019s equity investment portfolio rose by 41% to\nreach USD 30mn in the first half of 2022, buoyed by higher dividend income.\nInvestment assets increased by USD 25.5mn due to upward revaluation of certain\ninvestments.<\/p>\n\n\n\n Corporate\nBanking<\/strong> Earlier this year, APICORP successfully\nlaunched the first A\/B loans program in the region leveraging its preferred\ncreditor status to encourage international debt financing for projects in the\nregion. The A\/B loan facility is a significant addition to APICORP\u2019s extensive\nrange of innovative financial solutions as it continues to support the\nsustainable development of the region\u2019s energy sector. In April, APICORP\nreceived \u2018A2\u2019 Sustainability rating as it became the first financial\ninstitution in the region to receive a solicited Sustainability rating from\nMoody\u2019s, reflecting the corporation\u2019s successful integration of ESG factors\ninto its strategy, operations and risk management. <\/p>\n\n\n\n APICORP received \u2018AA-\u2018 credit rating\nwith \u2018stable\u2019 outlook from S&P Global in March, reflecting its robust\nfinancial performance and risk profile. In June, Fitch affirmed APICORP\u2019s\nrating at \u2018AA\u2019 with outlook revised to \u2018positive\u2019 on the back of its steady\nimprovement in key solvency and liquidity metrics, making it one of the\nhighest-rated financial institutions in the MENA region. <\/p>\n","protected":false},"excerpt":{"rendered":" The Arab Petroleum Investments Corporation (APICORP), a multilateral financial institution, today announced its financial results for the first six months of the year ending on June 30, 2022. APICORP continued its post-pandemic growth with major financial and operational achievements against a backdrop of market volatility and inflation concerns that have sparked significant rates hikes and …<\/p>\n","protected":false},"author":2,"featured_media":54382,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[439],"tags":[],"class_list":["post-54381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news"],"yoast_head":"\n
\nCorporate banking unit\u2019s assets slipped by 10% to USD 4.1 bn due to net\nrepayment including secondary market sales. While the gross income rose by 22%\ny-o-y reaching USD 74.7mn in H1 2022.<\/p>\n\n\n\n