The Arab Petroleum Investment Corporation (Apicorp) reported 1995 net profits of $40 million, double the 1994 figure, and said it plans to raise paid-up capital by $60 million to $460 million.

Saudi-based Apicorp, owned by 10 Arab governments, is mainly involved in financing Arab oil, petrochemical or industrial projects.

It’s profits fell in 1994 when, like other regional institutions, it suffered from the impact of weak world bond and equity markets. But profitability recovered in the first half of 1995 due to a strong performance by Apicorp’s investment portfolio (MEED 20:10:95).

Apicorp said in a statement that it is paying an unchanged $20 million dividend for 1995.

The capital increase comes in the form of an issue of bonus shares on a pro-rata basis, financed from general reserves.

Total assets were unchanged at $1,310 mil lion of which $514 million was project or trade finance loans, slightly down on 1994. Shareholders’ funds rose $20 million to $580 million.

Project and trade finance business saw strong growth in 1995. Apicorp took part in loans for oil projects and trade financing for Arab crude exports with a total value of $2 billion, of which it booked $234 million, 30 per cent up on 1994, the statement said.