Normally our annual both debt and equity financing for new commitments is in the range of, I would say $1.7-2bn US dollars to new projects, be it financed through debt or financed through equity to public and to private sectors sponsors, Ahmed Ali Attiga, Apicorp chief executive said in an interview with
The National.
The Dammam-based lender reported a 3 per cent rise in net income for 2020, it said in a statement on Tuesday.
Net income rose to $115 million from the year-earlier period. Apicorp s performance was supported by significant capital gains from its treasury and capital markets portfolio. The portfolio gained 488 per cent after netting $46m in capital gains last year.
Net income increased to USD115 mn despite fallout from COVID-19 pandemic; Balance sheet grew by
7.5% to USD7.89 bn; Corporate Banking and Treasury & Capital Markets portfolios up 6% and 13%, respectively; Improvement in key financial and risk metrics, including highest ever liquidity ratio (349%) and capital adequacy (31%).
The Arab Petroleum Investments Corporation (APICORP) (www.APICORP.org), a multilateral development financial institution, announces that its Board of Directors recommended to the General Assembly the approval of its financial results for the year ended December 31, 2020. Continuing its record performance, the Corporation posted a 3% year-on-year (y-o-y) rise in net income despite the fallout of the unprecedented COVID-19 global crisis – from USD112 mn in 2019 to USD115 mn in 2020.
The lender s corporate banking portfolio grew 6 per cent, while the treasury and capital markets portfolio expanded 13 per cent year-on-year.
“Looking ahead, we will continue to solidify our position as the trusted financial partner to the Mena energy sector, said Apicorp chief executive, Ahmed Ali Attiga. In line with our development mandate, we aim to focus on supporting the growth of the private sector – particularly in the clean and renewable energy space – to accelerate the energy transition and build a more sustainable future for the Arab region.
The company will go back to the market towards the second half of the year with a potential debt issuance of $500m to $1 billion, Mr Attiga told Bloomberg TV in an interview on Tuesday.
Apicorp ups net income by 3% to $115m in 2020
DAMMAM, Saudi Arabia, 7 hours, 54 minutes ago The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, has posted a 3% year-on-year (y-o-y) rise in net income –from $112 million in 2019 to $115 million in 2020. The key drivers include a 6% y-o-y growth in Apicorp’s Corporate Banking portfolio to reach$3.9 billion, as well as a 13% y-o-y growth in its Treasury& Capital Markets portfolio, which also netted $46 million in capital gains, a 488% increase from the prior year. Moreover, the Corporation’s balance sheet increased from $7.34 billion to $7.89 billion in 2020, a 7.5% y-o-y uptick which is higher than the 5% CAGR recorded over the past five years. Key financial and risk metrics also continued their steady improvement, as the corporation recorded its highest ever liquidity ratio at 349% and increased its capital adequacy ratio to 31% (+1% y-o-y), as well as reducing its leve