Riyadh – Mubasher: The Arab Petroleum Investments Corporation (APICORP) recorded a 3% year-on-year (YoY) increase in net income to $115 million during 2020, compared with $112 million.
The profit achieved was despite the fallout of the unprecedented COVID-19 global crisis, APICORP said in a press release.
APICORP’s corporate banking portfolio grew 6% YoY to $3.9 billion in 2020. In addition, the corporation reported an annual increase of 13% in its treasury and capital markets portfolio, which netted $46 million in capital gains, a 488% leap from 2019.
The Saudi entity, which has an office in Bahrain, recorded the highest-ever liquidity ratio at 349% and increased its capital adequacy ratio to 31% (+1% YoY).
APICORP, meanwhile, retained its ‘Aa2’ rating with a stable outlook from Moody’s and earned inaugural ‘AA’ rating with a stable outlook by Fitch. It became the only regional financial institution to hold two ‘AA’ ratings, the statement noted.
The corporation has increased its authorised capital to $20 billion from $2.4 billio and the subscribed capital from to $10 billion from $2 billion. It also raised the paid-up capital from $1 billion to $1.5 billion.
Ahmed Attiga, CEO of APICORP, said: “We aim to focus on supporting the growth of the private sector – particularly in the clean and renewable energy space – to accelerate the energy transition and build a more sustainable future for the Arab region.”