The Arab Petroleum Investments Corporation (APICORP), has released financial reports, with a net income of £99.6m as it grew its investment balance sheet to £8bn.
APICORP’s annual financial report has revealed its portfolio rose 19% over the year and the bank invested $500m to support its member countries and strategic partners to help mitigate the challenges caused by the pandemic.
The year saw the bank issue its first ever green bond as it sought to speed up the energy transition. The benchmark $750m green bond was nearly three times oversubscribed with orders worth $2.2bn from more than 80 institutional and sovereign investors. This supported the bank as it rose its green portfolio, which had increased to approximately $600m over the past five years.
Commenting on the results, Dr. Aabed Al-Saadoun, chairman of the APICORP board, said: “It is a testament to the Corporation’s structural and strategic resilience that it delivered exceptional growth in corporate banking in a year marred by global economic uncertainty. It was also a year that saw the Corporation lead the energy transition through the issuance of green bonds and an ESG framework that is transforming the very nature of our region’s energy landscape.”
Dr. Al-Saadoun added: “Our member countries have navigated a difficult period by renewing their commitments to the energy transition in a way that provides great scope for innovation and enterprise across the sector and provides the wider investor community with enormous scope for involvement in the ESG investment landscape of tomorrow.”