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The Arab Energy Fund (TAEF), formerly known as APICORP, reported a 37% year-over-year (YoY) increase in net income to $121 million for H1 2024 compared to $88 million in the same period last year.
The energy-focused financial institution said that its investment portfolio increased to $1.44 billion during the period, driven by strategic acquisitions and value accretion.
The corporate banking portfolio grew 10.2% to $5.29 billion with growth across key energy related sectors.
Total assets rose to $10.48 billion as of June 2024, up from $9.88 billion in December 2023, fueled mainly by a long-term external bond issuance of $750 million secured in H1 to partly replace maturing borrowings and fund future growth.
The treasury asset portfolio increased marginally over December 2023 with overall funding increasing to $7.1 billion, up 8% on the back of a successful green bond issuance earlier this year.
TAEF is rated ‘Aa2’ by Moody’s, ‘AA’ by Fitch and ‘AA-’ by S&P.
(Writing by Brinda Darasha; editing by Seban Scaria)
