21st March 2023
MUSCAT: The Arab Petroleum Investments Corporation (APICORP), a multilateral financial institution, announced on Tuesday its financial results for the first six months of the year ending on June 30, 2022.

APICORP continued its post-pandemic growth with major financial and operational achievements against a backdrop of market volatility and inflation concerns that have sparked significant rates hikes and asset pricing fluctuations globally. At the end of the first half of 2022, APICORP recorded a net income of $52mn, a 67 per cent y-o-y increase. The Corporation’s balance sheet marginally grew by 3 per cent y-o-y to USD8.26bn. Net income from operations grew significantly to $97.9 million in H1 2022 from $40.7mn in H1 2021 APICORP’s Treasury assets reached $2.9bn, representing an increase of $712mn or 32 per cent y-o-y rise. This was attributed to good opportunity available in money market placements and lower cost of funding for short-term borrowings.

Moreover, Treasury income grew by $31.6mn mainly due to restructuring of Treasury investment book and higher gross interest earnings and capital gains from sale of fixed income securities as average price of LIBOR reached 100 bps compared to 18 bps in H1 2021.

Dr Aabed al Saadoun, Chairman of the APICORP Board, said: “APICORP has continued to deliver robust and consistent results in the first half of 2022, despite growing market volatility and inflation concerns. Our structural and strategic resilience has facilitated exceptional performance in all our business segments as we continue to showcase our economic and community impact and cement our legacy of financing for impact.”

Khalid Ali al Ruwaigh, Chief Executive Officer of APICORP, said: “Even as the global and regional financial markets are facing economic headwinds, APICORP recorded an increase in balance sheet and income y-o-y during the first six months of 2022. All business units continued to deliver growth showcasing alignment with our growth strategy. The Treasury business unit in particular showcased growth led by better money market performance of our investments. Our goals continue to define our ongoing operational and financial performance as we work towards achieving a balanced energy transition and providing financial services and solutions for the energy of tomorrow.”
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