The Arab Petroleum Investments Corporation (Apicorp), a multilateral bank owned by the ten member states of the Organisation of Arab Petroleum Exporting Countries (OAPEC), on Sunday reported an above-budget net income of $47 million for the first six months of 2010, a 95 per cent rise over the same period last year. The UAE Government owns a 17 per cent stake in Apicorp.

Ahmad bin Hamad Al Nuaimi, Chief Executive and General Manager of Apicorp, said: "The surge in net income reflects the sound financial fundamentals the organisation maintained despite the current economic environment that has adversely affected credit and capital flows. Not only have we remained self-sufficient in meeting our financial obligations at the height of the crisis, but the fact that APICORP exceeded budgeted estimates for H1 2010 points to the viability of its business model."
 
Al Nuaimi said: "The excellent results for the first half of this year gives us a stable foundation for implementing Apicorp's next phase in its business plan to optimise its funding mix and to diversify its investments in new sectors within the oil and gas industry."
 
At the end of June 2010, Apicorp’s total income jumped to $52m, a 75 per cent rise over the same period last year. Assets climbed to $4.3 billion from $ 4.1bn as on December 31, 2009. Total shareholders' equity also reached $1.069bn at the end of June 2010, from $1.002bn at the end of 2009.