Mubasher: The Arab Petroleum Investment Corporation (APICORP)) posted a strong performance in the first half of the fiscal year 2016, according to a press release on Monday.

Total profit stood at $55.1 million for the six-month period ended on 30 June 2016, compared with $56.5 million for the year-ago period, the press release revealed, attributing this marginal decline to challenging market conditions thanks to the fall of oil prices.

Moreover, Moody’s Investors Service has recently affirmed APICORP’s foreign currency issuer rating at “Aa3” with a “Stable” outlook due to  the increase of APICORP’s callable capital in 2016 from $500 million to $1 billion. 

Further, Moody’s noted the improvement of the Company’s liquidity profile, with liquid assets significantly higher than liabilities. 

Since the beginning of the second half, the company has been working on a wide range of financing and investment opportunities.

In July, the Company launched a landmark shipping fund with the National Shipping Company of Saudi Arabia (Bahri), which will invest up to $1.5 billion in 15 Very Large Crude Carriers (VLCCs).

In October, APICORP issued a $300 million Formosa bond in the Taiwanese market, while most recently, the Company arranged a 3-year $100 million Murabaha Financing Facility for Egyptian General Petroleum Corporation (EGPC).

“APICORP has continued to perform strongly, delivering value for its shareholders, achieving healthy levels of profitability and fulfilling its mandate to promote cooperation and economic integration in the Arab hydrocarbon and petrochemical industry", Dr. Raed Al Rayes, Deputy CEO & General Manager of APICORP, commented.