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Annual Report
developed. Training included several aspects, covering the company’s
technical and administrative requirements. The objective was to cope with
scientific development in ship repair and to confront the severe competition
in the industry.
In 2011 the company had 1646 employees, including 808 Arabs. The
company recruited 13 interim employees in 2011 to meet the business
needs. At peak times, the company outsources sub-contractors.
ASRYorganizeddifferent trainingprograms for topmanagement,middle
management and supervisory levels, and held 273 different vocational and
general courses for 1633 of its Arab staff.
4. ASRYActivities in the First Half of 2012
The company had another year full of challenges in 2012. However,
ASRY is confident that the ongoing support it receives from its board of
directors, executive management, customers and agents, is an assurance
that it will go forward steadily to meet the new requirements of ship
industry and offshore operations in the years to come.
5. Financial Results in the First Half of 2012
The company achieved good results in the first half of 2012, with
operating revenues amounting to US$84,188,000, a decline by 3.36%
against the same period of 2011, of US$87,116,000. The company posted
a net profit of US$509,000.
III. THEARABPETROLEUMINVESTMENTS CORPORATION
(APICORP)
The Arab Petroleum Investments Corporation (APICORP) was
established in Khobar, Saudi Arabia on 11 September 1974 with an
authorized capital of US$1.2 billion. The fully paid-up capital is US$550
million. All OAPEC member countries have stakes in this corporation,
