Abu Dhabi, Aug 8 (IANS/WAM): The Arab Petroleum Investments Corporation (Apicorp), a multilateral bank owned by the 10-member states of the Organisation of Arab Petroleum Exporting Countries (Oapec), Sunday announced a net income of $47 million for the first six months of 2010.

This is a 95 percent increase compared to the corresponding period last year. The UAE government owns a 17-percent stake in Apicorp.

Ahmad Bin Hamad Al-Nuaimi, chief executive and general manager of Apicorp said: "The surge in net income reflects the sound financial fundamentals the organisation maintained despite the current economic environment that has adversely affected credit and capital flows."

"The excellent results for the first half of this year gives us a stable foundation for implementing Apicorp's next phase in its business plan to diversify its investments in new sectors within the oil and gas industry."

At the end of June, Apicorp's total income jumped to $52 million, a 75 percent increase over the same period last year.

Apicorp has an authorised capital of $1.2 billion and a fully paid-up and subscribed capital of $550 million.