Saudi-Based Arab petroleum Investments Corporation (APICORP) registered a 16 per cent increase in net profit last year, according to the organisation.

Most of the profits of $40.4 million (up from $34.9 million in 1999) came as interest income on loans and financing facilities which the company provided to oil, gas and petrochemical projects, it said.

Net project and trade loans outstanding at the end of last year were $851.6 million, a 25 per cent increase over 1999's $680.5 million.

The company will pay a total of $30 million in dividends to shareholders for last year, up from $25 million for 1999.

APICORP is the investment affiliate of the Kuwait-based Organisation of Arab Petroleum Exporting Countries (Oapec), and says that during last year it was able to maintain its position in the project finance markets and successfully completed 18 new financing transactions totaling $3.2 billion, of which its final take was $313.7 million.

Shareholders' equity increased to $665.1 million last year, a two per cent increase from $650.9 a year earlier, while total assets stood at $1.6 billion at the end of last year, the organisation said.