Apicorp posts net income of $112mln in 2019 – ZAWYA

Apicorp posts net income of $112mln in 2019 – ZAWYA

The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, posted strong results for 2019, including a 17% year-on-year increase in net recurring income to $112 million up from $96 million (excluding non-recurring items) at year end 2018.. Leverage (debt-to-equity ratio) remained in check reaching 2.13 in December 2019 compared to 2.07 in the same period last year, and capital adequacy improved slightly from 29.34% in 2018 to 29.6% in 2019.. Dr Ahmed Ali Attiga, Chief Executive Officer of Apicorp, said: "We are extremely proud of another successful year for Apicorp as we continue to navigate a rapidly evolving energy landscape.. Our balance sheet growth to USD7.35 billion in 2019 paves the way for APICORP to continue an upwards trajectory, notwithstanding the limitations that the current coronavirus crisis poses upon all sectors of the global economy.. I believe that the work that we have put into diversifying our portfolio in terms of sectors and geography as well as our broad investor base, coupled with our strong financial position, will serve us well in the coming years and allow us to address the current challenges.". The corporate strategy for the next five years places Apicorp at the centre of comprehensive