Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) reported a 76% year-on-year surge in profits during the full-year 2018.

Net profits amounted to $182.3 million from January to December 2018, the firm’s best-ever annual profit, the Saudi-based development bank said in a statement on Wednesday.

The hike in the corporation’s 2018 profit was attributed to achieving a $86.7 million capital gain after selling a stake in National Petroleum Services (NPS), coupled with a 67% growth in net interest income and a 51% rise in dividends income.

“APICORP registered robust financial results across the business and increased profitability and sustainable earnings in line with its vision,” Aabed bin Abdulla Al Saadoun, chairman of APICORP, said.

APICORP’s assets went up 11% to $6.95 billion by the end of 2018, the statement added.

“The annual results are testament to the resilient efforts of our entire team, and a strong indicator of our overall business strategy and robust risk and corporate governance framework,” the corporation’s CEO Ahmed Ali Attiga stated.

The total value of APICORP’s income soared 78% to $252.7 million over the course of the previous year.

In the same vein, APICORP’s completed five medium-term funding transactions with a combined value of $1.3 billion from global markets.