KSA Business: Apicorp records net income of $99.6m for 2021 – Gulf Digital News
- Date: 27-May-2022
- Source: Gulf Digital News
- Sector:Oil & Gas
- Country:Saudi Arabia
KSA Business: Apicorp records net income of $99.6m for 2021 – Gulf Digital News
Arab Petroleum Investments Corporation (Apicorp), a multilateral financial institution, has recorded a net income of $99.6 million for the full year ended December 31, 2021.
Apicorp’s performance marked a year of notable financial and operational achievements despite a reduction in reference rates and significant volatility in financial markets that persisted throughout the year, the company said.
At year-end of 2021, the corporation’s balance sheet grew 1.3% y-o-y to reach $8 billion. Total comprehensive income reached $112.9mn – up from $90.6 million in 2020.
Growth in corporate banking
Apicorp’s Corporate Banking portfolio reached $4.6 billion, representing a 19% y-o-y increase. This was partly due to the corporation having actively sought to disburse its $500 million countercyclical support package to its member countries and strategic partners, which was launched in 2020 to mitigate the impact of the Covid-19 pandemic and oil price fluctuations.
Moreover, the corporation increased its capital adequacy from 31% in 2020 to 32% and reduced its key leverage ratio from 2.2x to 2.1x in 2021. Return on assets and return on equity at year-end were 1.3% and 3.9%, respectively, while non-performing loans fell from 0.59% to 0.55% over the period. Notably, it also retained its ‘Aa2’ credit rating from Moody’s and ‘AA’ credit rating