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The Arab Energy Fund (TAEF), formerly Apicorp, reported a record net income for 2024, driven by asset growth and favourable market conditions, said the multilateral lender in which Bahrain has a 3 per cent stake.
Net income surged 18 per cent year-on-year to $266m, with capital gains from investments adding $11m. Total assets rose 10.5pc to $10.9bn.
“These remarkable financial results mark the conclusion of a transformative year for The Arab Energy Fund,” chief executive Khalid Al Ruwaigh said in a statement. “All our business lines contributed significantly to these results.”
The fund’s corporate banking asset portfolio grew 20pc to $5.8 billion, with net operating income rising 20pc to $119m. Investments and partnerships assets reached $1.5bn, up 5pc, with gross operating income at $89m. Treasury and capital markets assets hit $3.6bn, with net operating income up 43pc to $125m.
Return on equity climbed to 8.1pc from 7.4pc in 2023, while return on assets reached 2.6pc, up from 2.4pc. The non-performing loan ratio fell to 0.5pc from 0.8pc.
TAEF, backed by 10 Arab member countries, provides financing solutions across the Mena energy sector. In January, it launched a new brand identity during its 50th-anniversary celebration.
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