The results were announced at corporation’s quarterly board meeting held in Cairo recently.
APICORP CEO Ahmad bin Hamad Al-Nuaimi said: “The achievements made in the fourth quarter will help further bolster the net worth of APICORP and serve to reinforce its fiscal stability in what we expect will continue to be a challenging economic environment in 2012.”
The corporation’s total assets rose 7.4 percent year-on-year to more than $4.63 billion at the end of December 2011.
Total equity at the end of 2011 climbed over 6.6 percent, compared to 2010, to $1.2 billion.
Al-Nuaimi also highlighted Moody’s recent reaffirmation of APICORP’s A1 rating for long-term debt and Prime 1 for short-term debt.
“The rating affirmation, with a stable outlook, is a strong testament to APICORP’s robust capitalization, liquidity, and our commitment to strong banking fundamentals.” said Al-Nuaimi.
Since its founding in 1975, the corporation has played a vital role in fostering the development of the Arab energy industry.
The bank has invested in 14 joint ventures in the oil and gas industry. It has also participated in direct and syndicated energy transactions worth an estimated $127 billion.
APICORP’s aggregate commitments in these transactions, both equity and debt, are valued in excess of $12 billion.
Saudi Arabia has a 17 percent stake in APICORP, the UAE (17 percent), Bahrain (3 percent), Algeria (5 percent), Syria (3 percent), Iraq (10 percent), Qatar (10 percent), Kuwait (17 percent), Libya (15 percent), and Egypt (3 percent).
APICORP’s total assets at the end of 2011 amounted to $4.63 billion.
It is headquartered in Alkhobar/Dammam, and operates a banking branch in Manama, Bahrain.
