NEWS RELEASE

 

APICORP 2019 FINANCIAL RESULTS DEMONSTRATE STRONG GROWTH MOMENTUM WITH NET INCOME OF USD 112 MILLION

 

• Balance sheet grew by 5.7% to USD 7.35 billion
• Net recurring income increased by 17% between2018 to 2019 from USD 96 million to USD 112 million
• Upgrade by Moody's in October 2019 to 'Aa2' with a stable outlook
• Approval of five-year strategy to align with the evolving energy landscape

 

Dammam, Saudi Arabia, 14 April 2020: The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, today disclosed its financial results for the year ended 2019. Building on record performance in 2018, APICORP posted strong results including a 17% Y-O-Y increase in net recurring income to USD112 million up from USD96 million (excluding non-recurring items) at year end