The Arab Petroleum Investments Corporation, a multilateral lender focused on the energy sector, reported its highest first-half profit yet while operating income grew as interest rates rose.
Apicorp’s total comprehensive income in the six months to the end of June rose by 87 per cent year-on-year to $108.7 million, the company said on Tuesday.
Net operating income increased 32 per cent annually to $129 million on “operations efficiencies, rising interest rate environment, and funding optimisation”, it said.
Total assets during the period grew by 10.3 per cent as a result of $600 million worth of long-term external funding taken in the first quarter of 2023 to replace aged borrowings in the fourth quarter of 2022.
“The first six months of the year saw Apicorp continue to strengthen its financial position with record results and notable achievements at the corporate and business unit levels,” Aabed Al Saadoun, undersecretary for oil and gas affairs at Saudi Arabia’s Ministry of Energy and chairman of Apicorp, said.
“We look forward to continuing this robust momentum with more meaningful impact-driven investments which support the energy transition agenda of our member countries and the broader Mena region.”
Apicorp is owned by 10 members of the Organisation of Arab Petroleum Exporting Countries – Saudi Arabia, UAE, Kuwait, Libya, Iraq, Qatar, Algeria, Bahrain, Egypt and Syria.
The multilateral lender was established in 1975 to extend financial support to Arab countries in the energy sector.
Apicorp’s investment portfolio increased to $1.3 billion for the January-June period, from $1.2 billion, with the successful exit from Ashtead Technology “recording better-than-expected capital gains”, it said.
In July, Apicorp said it completed the sale of its equity investment in Ashtead, a provider of technologically-advanced subsea solutions, tools and systems to the construction and maintenance of offshore energy infrastructure. It made the investment in the company in 2016 along with UK-based private equity firm, Buckthorn Partners.
The lender's corporate banking portfolio grew 5 per cent year-on-year to $4.3 billion and net interest income rose 10 per cent to $45.9 million, benefitting from a favourable interest rate environment, it said.
Interest rates continued to climb globally as central banks raised interest rates to tame inflation, boosting the profit margin of lenders.
Apicorp’s treasury and capital markets portfolio increased by $1 billion annually to reach $3.9 billion, recording a net income of $11.9 million.
“Taking advantage of the favourable interest environment, we continued to optimise our business structure, operations, and expand our range of innovative impact-driven financial and investment solutions,” Khalid Al Ruwaigh, chief executive of Apicorp, said.
“Not only do we carefully observe the short-term results, but also we plan for the future of Apicorp, hence we have finalised our five-year corporate strategy and launched the rebranding exercise.
“In doing so, we strive to further cement our legacy as a leading enabler of a secure and sustainable energy future for the region.”
The Word for Woman is Wilderness
Abi Andrews, Serpent’s Tail
More from Neighbourhood Watch:
The%20specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%204cyl%20turbo%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E261hp%20at%205%2C500rpm%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E400Nm%20at%201%2C750-4%2C000rpm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E7-speed%20dual-clutch%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E10.5L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh129%2C999%20(VX%20Luxury)%3B%20from%20Dh149%2C999%20(VX%20Black%20Gold)%3C%2Fp%3E%0A
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
