APICORP posts H1 2022 financial results, recording a net income of USD 52mln

APICORP posts H1 2022 financial results, recording a net income of USD 52mln

- Net income from operations grew from USD 40.7mn in H1 2021 to USD 97.9mn in H1 2022

- Treasury assets increased by 32% to reach USD 2.9bn

Saudi Arabia - The Arab Petroleum Investments Corporation (APICORP), a multilateral financial institution, today announced its financial results for the first six months of the year ending on June 30, 2022.

APICORP continued its post-pandemic growth with major financial and operational achievements against a backdrop of market volatility and inflation concerns that have sparked significant rates hikes and asset pricing fluctuations globally. At the end of the first half of 2022, APICORP recorded a net income of USD 52mn, a 67% y-o-y increase. The Corporation’s balance sheet marginally grew by 3% y-o-y to USD8.26bn. Net income from operations grew significantly to USD 97.9 million in H1 2022 from USD 40.7mn in H1 2021

Growth in Treasury and Capital Markets

APICORP’s Treasury assets reached USD 2.9bn, representing an increase of USD 712mn or 32% y-o-y rise. This was attributed to good opportunity available in money market placements and lower cost of funding for short-term borrowings.

Moreover, Treasury income grew by USD 31.6mn mainly due to restructuring of Treasury investment book and higher gross interest earnings and capital gains from