RIYADH: The Arab Petroleum Investments Corp. has reported a 67 percent jump in first-half profit to $52 million.
APICORP’s net income from operations rose sharply to $97.9 million in the first half, from $40.7 million in the same period last year, while treasury assets reached $2.9 billion, a 32 percent increase, according to a statement.
It attributed the growth to the opportunities available in money market placements and the lower costs of short-term borrowing.
“APICORP has continued to deliver robust and consistent results in the first half of 2022, despite growing market volatility and inflation concerns,” Chairman Aabed Al-Saadoun said.
“Our structural and strategic resilience has facilitated exceptional performance in all our business segments,” he added.
Earlier this year, APICORP created the first A/B loan program in the region to encourage international debt financing for projects in the region.
In April, it received “A2” sustainability rating from Moody’s, representing its successful integration of environmental, social and governance factors into its strategy, operations, and risk management.
APICORP was rated “AA-“ by S&P Global in March, reflecting its solid financial performance and low risk levels.