Earnings watch: Apicorp profits rise 17% in 2019
EARNINGS WATCH- Apicorp net profits rise 17% in 2019: Multilateral development bank Arab Petroleum Investments Corporation’s (Apicorp) annual profits rose 17% in 2019 to USD 112 mn, it said in a statement (pdf). Profits were driven by record growth in its corporate banking unit which reported a USD 121 mn profit, up from USD 90 mn in 2018. The corporation’s balance sheet grew by 5.7% to USD 7.35 bn, up from USD 6.95 bn the previous year. Chairman Aabed bin Abdulla Al Saadoun said the figures and the Moodys’ credit upgrade to Aa2 last year “are both significant milestones that stand as a testament to APICORP’s solid fundamentals.” This gives the bank the ability to “support the Arab world’s energy sector during a time when sustainable, impact-driven projects have never been more needed,” he said.