13/04/2010 – APICORP’s Profits jumped by 245% in the 1st Quarter of 2010 and by 112% at Year-End 2009
The General Assembly of Arab Petroleum Investments Corporation (APICORP) – an Inter-Arab financial institution, affiliated to the Organisation of Arab Petroleum Exporting Countries (OAPEC), held its 34th Ordinary meeting on Sunday 11th April 2010 in the city of Jeddah, Kingdom of Saudi Arabia.
The meeting was chaired by Mr. Abdullah Al-Zaid, representative of the government of the Kingdom of Saudi Arabia, and was attended by representatives from other member states. The meeting was also attended by Mr. Ahmad Bin Hamad Al-Nuaimi, Chief Executive and General Manager of (APICORP).
As declared by Mr. Ahmad Al-Nuaimi, the General Assembly approved the 34th Annual Report and the Audited Financial Statements of the Corporation for the year ended 31 December 2009.
In spite of the adverse conditions faced by the global financial markets since 2008 and their negative impact on the credit markets and liquidity, APICORP’s net profit for the period jumped to US$ 58.5 million, compared to US$ 27.6 million in 2008 or a 112% increase. Total assets by year end 2009 rose to US$ 4.1 billion, compared to US$3.56 billion in 2008, or a 15% increase, while total shareholders’ equity also rose to US$ 1.1 billion, compared to US$ 895 million in 2008, or a 23% increase.
The General Assembly commended the good results achieved by the Corporation in 2009, and in support of the Corporation’s balance sheet, the General Assembly endorsed the Board of Directors’ recommendation that no dividends distribution shall be effected for this year.
Mr. Al-Nuaimi added that, the Board of Directors also held its 1st meeting for 2010 on Saturday 10th April. It considered matters related to the Corporation’s investment and financing activities during the 1st Quarter of 2010, which disclosed that the Corporation’s net income rose to US$ 41.1 million for the period, compared to US$ 16.9 million for the same period of 2009, or 245% increase. Total shareholders’ equity also rose to US$ 1,053 million, compared to US$ 1,001 million for the same period last year.
Members of the General Assembly, Chairman and members of the Board of Directors and the General Manager of APICORP expressed their thanks and appreciations to the Kingdom of Saudi Arabia for the cordial reception and generous hospitality extended to them during their meetings in Jeddah.