Apicorp 2018 net profits surge to record highs

EARNINGS WATCH- Apicorp’s 2018 net profits surge to record highs: Multilateral development bank Arab Petroleum Investments Corporation’s (Apicorp) 2018 net profit rose 76% y-o-y to a record USD 182.3 mn, it said in a statement. Company revenues increased last year by 78% y-o-y to USD 252.7 mn. The sale of Apicorp’s stake in National Petroleum Services and growth in net interest income were responsible for the surge in revenues. Last year was “the strongest financial performance achieved by Apicorp” and saw the institution turn in “11% asset growth … while cementing its position as the leading multilateral development bank supporting the Arab world’s broader energy and sustainability industries,” said chairman Aabed bin Abdulla Al-Saadoun. Apicorp completed five medium-term funding transactions worth a total of USD 1.3 bn last year while widening its investor base on the back of “strong interest from the US, Europe, Asia and China.”