- Net income surges by 18% YoY to reach USD 266mn
- Total assets grew by 10.5% YoY to reach USD 10.9bn
- Results driven by asset growth, increased efficiencies, and a favorable interest environment
Saudi Arabia, 28 March 2025 – The Arab Energy Fund (formerly APICORP), a leading multilateral impact financial institution focused on the MENA energy sector, today announced its financial results for the fiscal year ending December 31, 2024.
The Fund achieved a record performance with the highest-ever net income, driven by strong asset growth across all business lines, increased efficiencies, and a favourable interest rate environment.
Net income surged by 18% year-on-year (YoY) to reach USD 266mn and capital gains through the sale of Investments amounting to USD 11mn. Total assets grew by 10.5% YoY to reach USD 10.9bn.
Khalid Ali Al-Ruwaigh, CEO of The Arab Energy Fund, commented: “These remarkable financial results mark the conclusion of a transformative year for The Arab Energy Fund. Our renewed focus on delivering impactful solutions while maintaining strong momentum underscores our commitment to the region.”
He added: “All our business lines contributed significantly to these results. Guided by our five-year strategy, we continue building a solid foundation for the future, aligning our debt and equity portfolios with our vision of becoming a pre-eminent impact investor in the MENA region, and supporting a more resilient energy ecosystem.”
Backed by its ten Arab member countries, The Arab Energy Fund is poised to expand its offerings in financing solutions, including loans, equity investments, and financial advisory services. It serves public and private sector partners across more than 35 countries.
In line with its ambitious vision, The Arab Energy Fund launched its new brand identity during a milestone event celebrating the institution’s 50th anniversary in January 2025. The event, attended by HRH Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, and Energy Ministers from member countries, showcased the Fund’s significant convening power and commitment to enhancing energy collaboration. The new identity reflects The Arab Energy Fund’s dedication to advancing energy security and sustainability through impactful investments across the Arab world and beyond.
Business line highlights
Corporate Banking
The Corporate Banking asset portfolio grew by 20% YoY to reach USD 5.8bn. Net operating income increased by 20% YoY to USD 119mn as the business unit expanded its range of financing solutions and entered new markets.
Investments & Partnerships
Investments & Partnerships recorded an asset portfolio of USD 1.5bn, a 5% YoY growth. The business unit’s gross operating income reached USD 89mn with capital gains of USD 11mn from successful exits.
Treasury and Capital Markets
Treasury and Capital Markets recorded an asset portfolio of USD 3.6bn. Net operating income increased by 43% YoY to USD 125mn, mainly due to the optimization of the fixed income portfolio and the effect of a favourable interest environment.
Key performance metrics
As of December 2024, TAEF’s return on equity grew to 8.1% (2023: 7.4%), and return on assets stood at 2.6% (2023: 2.4%). The leverage ratio is at 2.3x (2023: 2.1x), and Capital adequacy amounts to 29.1% (2023: 29.2%). The non-performing loan ratio has dropped to 0.5%, compared with 0.8% in 2023.
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