The Arab Petroleum Investments Corporation, a multilateral lender focused on the energy sector, reported that its first-half net profit fell by 22 per cent, compared with a year ago, as the coronavirus-induced slowdown hit revenue.
Net income for the six-month period to June 30 declined to $54.8 million (Dh201.28m) from a year ago, the lender said on Sunday.
Gross operating income for the reporting period fell by 20 per cent to $144.7m.
“Net profit results are notable under the current market conditions due to the Covid-19 pandemic and oil price fluctuations,” Apicorp said.
“Revenue was mainly affected by the decrease in dividends from portfolio companies, as well as revaluations in the equity investment portfolio due to the pandemic.”
Income from the lender’s treasury and capital markets business rose by an annual 38 per cent to $60.4m.
Apicorp’s assets rose by 10 per cent to $8.1 billion in the first six months, mainly due to growth in its treasury and capital markets portfolio, it said.
The share of Apricorp’s liabilities with a maturity beyond two years rose to 45 per cent of its total debt. Impairment charges at the end of the reporting period climbed to $4.5m, from zero during the same period a year ago.
Chief executive Ahmed Attiga said the results were a “testament to the resilience of Apicorp in the face of a tough global business environment”.
The lender strengthened its operational and capital base despite the triple crisis of Covid-19, oil price volatility and an economic downturn, Mr Attiga said.
“We are looking forward to the coming period for a gradual recovery in our operating environment and the new opportunities it will bring,” he said.
Lenders around the world are making provisions for loan losses and revaluing their investment levels as the global economy slides into its deepest recession since the 1930s.
Apicorp is owned by 10 members of the Organisation of Arab Petroleum Exporting Countries – Saudi Arabia, the UAE, Kuwait, Libya, Iraq, Qatar, Algeria, Bahrain, Egypt and Syria.
The multilateral lender was set up in 1975 to extend financial support to Arab countries in the energy sector.
Apicorp raised $750m in June through the issuance of a five-year bond at record low rates.
The lender said at the time that the bonds, which were issued under its $3bn Global Medium-Term Note programme, would allow it to take a “countercyclical role in 2020” to support the Mena region’s energy sector at a time of falling demand.
Apicorp unveiled a $500m support package in April to help clients in the energy sector to continue to fund their projects amid lower oil prices after the pandemic hit demand.
Earlier this year, Apicorp increased its callable share capital from $1bn to $8.5bn to boost investment in the energy sector.
It also increased its authorised capital from $2.4bn to $20bn while subscribed capital rose from $2bn to $10bn.
“We will continue to support our member countries and partners to alleviate the impact of Covid-19, with a focus on sustainable impact-driven energy projects and activities in the region,” Mr Attiga said.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
ALRAWABI%20SCHOOL%20FOR%20GIRLS
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Veere di Wedding
Dir: Shashanka Ghosh
Starring: Kareena Kapoo-Khan, Sonam Kapoor, Swara Bhaskar and Shikha Talsania
Verdict: 4 Stars
Sri Lanka's T20I squad
Thisara Perera (captain), Dilshan Munaweera, Danushka Gunathilaka, Sadeera Samarawickrama, Ashan Priyanjan, Mahela Udawatte, Dasun Shanaka, Sachith Pathirana, Vikum Sanjaya, Lahiru Gamage, Seekkuge Prasanna, Vishwa Fernando, Isuru Udana, Jeffrey Vandersay and Chathuranga de Silva.
The biog
Favourite films: Casablanca and Lawrence of Arabia
Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins
Favourite dish: Grilled fish
Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.
The specs: 2019 Haval H6
Price, base: Dh69,900
Engine: 2.0-litre turbocharged four-cylinder
Transmission: Seven-speed automatic
Power: 197hp @ 5,500rpm
Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
Race card:
6.30pm: Maiden; Dh165,000; 2,000m
7.05pm: Handicap; Dh165,000; 2,200m
7.40pm: Conditions; Dh240,000; 1,600m
8.15pm: Handicap; Dh190,000; 2,000m
8.50pm: The Garhoud Sprint Listed; Dh265,000; 1,200m
9.25pm: Handicap; Dh170,000; 1,600m
10pm: Handicap; Dh190,000; 1,400m
Itcan profile
Founders: Mansour Althani and Abdullah Althani
Based: Business Bay, with offices in Saudi Arabia, Egypt and India
Sector: Technology, digital marketing and e-commerce
Size: 70 employees
Revenue: On track to make Dh100 million in revenue this year since its 2015 launch
Funding: Self-funded to date
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
How to book
Call DHA on 800342
Once you are registered, you will receive a confirmation text message
Present the SMS and your Emirates ID at the centre
DHA medical personnel will take a nasal swab
Check results within 48 hours on the DHA app under ‘Lab Results’ and then ‘Patient Services’
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COMPANY%20PROFILE
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RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Raghida, Szczepan Mazur (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Maiden (PA) Dh80,000 1,600m
Winner: AF Alareeq, Connor Beasley, Ahmed Al Mehairbi
6pm: Arabian Triple Crown Round-2 Group 3 (PA) Dh300,000 2,200m
Winner: Basmah, Fabrice Veron, Eric Lemartinel
6.30pm: Liwa Oasis Group 2 (PA) Dh300,000 1,400m
Winner: AF Alwajel, Tadhg O’Shea, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 1,600m
Winner: SS Jalmod, Richard Mullen, Satish Seemar
7.30pm: Handicap (TB) Dh100,000 1,600m
Winner: Trolius, Ryan Powell, Simon Crisford
UAE currency: the story behind the money in your pockets
Seven tips from Emirates NBD
1. Never respond to e-mails, calls or messages asking for account, card or internet banking details
2. Never store a card PIN (personal identification number) in your mobile or in your wallet
3. Ensure online shopping websites are secure and verified before providing card details
4. Change passwords periodically as a precautionary measure
5. Never share authentication data such as passwords, card PINs and OTPs (one-time passwords) with third parties
6. Track bank notifications regarding transaction discrepancies
7. Report lost or stolen debit and credit cards immediately
The biog
Hobby: Playing piano and drawing patterns
Best book: Awaken the Giant Within by Tony Robbins
Food of choice: Sushi
Favourite colour: Orange
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
