News Agency
Men's Weekly

  • Written by Media Outreach

APICORP continues to be the only Aa2-rated financial institution in MENA region

- Rating reaffirmation based on strong capital adequacy, high asset quality and strong asset performance

- Very strong liquidity and diversified funding structure enhance financial standing

- APICORP demonstrates resilience in challenging operating environment due to portfolio diversification and strong quality of management

DAMMAM, SAUDI ARABIA - EQS Newswire - May 5, 2020 - The Arab Petroleum Investments Corporation (APICORP), a multilateral development financial institution, announced that its 'Aa2' rating with a 'stable' outlook was reaffirmed by Moody's Investor Service despite current economic and market shocks.

According to Moody's*, "The credit profile of Arab Petroleum Investments Corporation (APICORP) reflects its high capital adequacy, supported by moderate leverage, robust asset quality, low levels of nonperforming assets, and a very strong liquidity and funding profile, underpinned by diversified funding sources and increased availability of liquid resources to cover upcoming net cash outflows. APICORP's shareholder support is derived from the presence of callable capital and creditworthy shareholders. The coronavirus outbreak and the related oil price shock pose risks to asset performance, but [APICORP's] track record of resilience to shocks and strong quality of management mitigate some of these risks."

Dr. Ahmed Ali Attiga, CEO of APICORP, commented, "APICORP's concerted efforts to diversify the asset portfolio both sectorally and geographically, coupled with our already strong financial position, have been key in maintaining our status as the only financial institution in the MENA region with an 'Aa2' rating, even against the current backdrop of global market challenges."

"Moreover, APICORP maintains very strong partnerships in the energy sector and enjoys Preferred Creditor Status in its Member Countries. These factors, alongside strong underwriting standards, resilient financing structures and prudent provisioning policies, ensure the continued integrity of the institution's balance sheet position and robustness of its profitability," Dr. Attiga added.

APICORP recently announced that it posted strong financial results for the year ended 2019, including a 17% Y-O-Y increase in net recurring income to USD112 million, up from USD96 million at year end 2018. This was driven by Corporate Banking and Treasury and Capital Markets, whose gross income increased 32% and 24% Y-O-Y to reach USD201 million and USD80 million, respectively. Moreover, APICORP recently announced a landmark increase in callable capital to USD8.5 billion, as well as a significant increase in authorized and subscribed capital, further bolstering its financial sustainability and resiliency.

*Note: Full Moody's report can be found here: https://bit.ly/2YBZvCo

Download Image 1: https://bit.ly/2WHosK7Download Image 2: https://bit.ly/2SG9Vx0Download Image 3: https://bit.ly/2SzzNdB

Read more

Contactless Payments and the Rise of the Smart EFTPOS Machine

Introduction In the fast-evolving world of digital commerce, the way consumers pay for goods and services has undergone a dramatic transformation. Traditional cash registers are being replaced with sleek, intelligent systems capable of handling payments quickly and securely. Among these innovations... Read more

Writers Wanted



NewsServices.com

Content & Technology Connecting Global Audiences

More Information - Less Opinion