Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) on Wednesday said its net profits more than doubled to $150.3 million in the first six months of 2018 from $41.8 million.
APICORP attributed the robust results to a 40% rise in net interest income, reaching $45.9 million.
The corporation’s total income amounted to $169.9 million by the end of H1-18, compared to $60 million in the year-ago period, backed by an improvement in performance of the Corporate Finance and Investments divisions.
Assets rose 6.3% year-on-year to $6.6 billion during H1-18, from $6.2 billion, APICORP said in a statement.
“This has been a collective effort across the whole corporation, and our Treasury division plays a vital role in strengthening our own balance sheet and reducing our cost of capital,” CEO Ahmed Ali Attiga said.
The half-year results are a reflection of APICORP’s strategy to diversify its business both in terms of sectors and geographies, the CEO added.
