The Arab Energy Fund (TAEF), a leading energy-focused financial institution in the MENA region, announced a 37% year-over-year increase in net income for the first half of 2024. The fund, formerly known as APICORP, reported a net income of USD 121 million for the period ending June 30, 2024, up from USD 88 million in the same period last year.
This significant rise in net income underscores TAEF’s strategic focus on growth and resilience amid an evolving energy landscape. The fund also saw a 6% increase in total assets, which reached USD 10.48 billion as of June 2024, driven primarily by a USD 750 million long-term external bond issuance secured in the first half of the year to replace maturing borrowings and support future growth.
Established to advance the energy sector in the Arab world, TAEF continues to enhance its financial strength through strategic investments and capital market activities. The institution’s strong performance reflects its ongoing commitment to delivering value to its stakeholders while adapting to market conditions.
“TAEF’s half-year performance is a testament to our commitment to growth, business excellence, and advancing the region’s energy sector while leveraging a favorable interest rate environment and capital markets,” said Khalid Ali Al-Ruwaigh, CEO of TAEF.
TAEF’s results demonstrate its effective response to the challenges and opportunities within the energy sector, solidifying its position as a leading energy impact fund in the MENA region.
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