APICORP
Arab Petroleum Investments Corporation (APICORP) Ups Net Income By 3% in 2020
DGAP-News: APICORP
/ Key word(s): Annual Results
NEWS RELEASE – 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%). Dammam, Saudi Arabia, 6 April 2021: 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 key drivers include a 6% y-o-y growth in APICORP’s Corporate Banking portfolio to reach USD3.9 bn, as well as a 13% y-o-y growth in its Treasury & Capital Markets portfolio, which also netted USD46 mn in capital gains, a 488% increase from the prior year. Moreover, the Corporation’s balance sheet increased from USD7.34 bn to USD7.89 bn 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 leverage level from 2.5x in June 2020 to 2.23x in December 2020. Apart from demonstrating the strength and resilience of APICORP’s financial position, the robust financial and risk metrics enabled APICORP to retain its ‘Aa2’ rating with a stable outlook from Moody’s and earned its inaugural ‘AA’ rating with a stable outlook by Fitch – the only regional financial institution in MENA to hold two ‘AA’ ratings. The year also witnessed a landmark capital increase by which the Corporation increased its authorized capital from USD2.4 bn to USD20 bn, subscribed capital from USD2 bn to USD10 bn, paid-up capital from USD1 bn to USD1.5 bn, and callable capital from USD1 bn to USD8.5 bn. Dr. Ahmed Ali Attiga, Chief Executive Officer of APICORP, said: “We are immensely proud to close yet another successful financial year for APICORP. The milestones we achieved in 2020 were made more remarkable given the shockwaves of the unprecedented triple crisis stemming from the COVID-19 pandemic that severely impacted the financial results of peer financial institutions and affected all sectors. Complemented by the resolute support from our Member Countries, deep partnership base, and the hard work of all staff members, our positive results underscore the soundness of our long-term investment and funding strategy, as well as our agile and efficient approach to tackle the challenges of 2020.” “Looking ahead, we will continue to solidify our position as the trusted financial partner to the MENA energy sector. 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,” Dr. Attiga added. Corporate Banking Distributed by APO Group on behalf of Arab Petroleum Investments Corporation (APICORP). – Download Image: Dr. Ahmed Ali Attiga, CEO, APICORP – Download Image: Dr. Aabed bin Abdulla Al-Saadoun Chairman, APICORP
About APICORP: More information can be found at: www.apicorp.org You can also follow us at: / / / For further information: Hassan Al-Jundi Zeeshan Masud Daniel Chinoy
06.04.2021 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. |