Apicorp posts 22% drop in first quarter net profit

Dubai: Saudi Arabia-based Arab Petroleum Investments Corp, or Apicorp, said yesterday net profit in the first quarter fell 22 per cent on year to $30.7 million (Dh112.6 million), while the fallout from Europe's ongoing debt crisis will see the lender play a more significant role this year in supporting the energy sector in the Middle East and North Africa.

Apicorp, owned by the 10-member Organisation of Arab Petroleum Exporting Countries, or Oapec, said its total assets reached $5.2 billion by the end of March.

It made a first quarter net profit of $39.3 million last year.

Apicorp, in which the UAE government has a 17 per cent stake, provides equity and debt financing, advisory and research to help develop the hydrocarbon and energy sectors in the Middle East and North Africa.

Headquartered in Dammam, in Saudi Arabia's Eastern province, the bank targets projects in the upstream and midstream sectors along the oil and gas value chain, including refining, pipelines and logistics among others, across the Mena region.