The Arab Energy Fund posts 51% YoY higher net income in 2023

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Riyadh – The Arab Energy Fund (TAEF), previously APICORP, reported a 51% year-on-year (YoY) surge in net income to $225 million in 2023.

Total assets grew by 12% YoY to reach $9.88 billion last year, according to a press release.

As of the end of December 2023, TAEF's investments and partnerships unit reported a significant growth in its asset portfolio, reaching $1.4 billion, a 13% YoY increase.

However, the unit experienced a 9% YoY decrease in gross operating income, which amounted to $110 million.

In the corporate banking division, TAEF's asset portfolio saw a robust 14% YoY growth, recording around $4.8 billion by the end of 2023.

The unit's gross operating income surged by 82% YoY to $360 million at the end of last year. This increase was attributed to the expansion of financing solutions, including the introduction of project bonds for the first time.

Additionally, the unit ventured into new markets such as the United States and Nigeria and financed emerging energy subsectors.

Khalid Ali Al-Ruwaigh, CEO of TAEF, said: “The record financial results come at the end to a transformative year for TAEF. In addition to launching our new trademark name and strategy and relocating to Riyadh, we recorded our highest-ever net income in our 50-year history.”

“Guided by our new five-year strategy, we continue to build a solid foundation for the future by aligning our debt and equity portfolios and innovative solutions with our vision of becoming a pre-eminent impact investor in the MENA region and supporting a more sustainable energy ecosystem and circular carbon economy,” Al-Ruwaigh added.

In December, TAEF, formerly known as The Arab Petroleum Investments Corporation (APICORP), unveiled a graduate training programme tailored for regional fresh graduates aspiring to acquire work experience and enhance their professional capabilities in energy finance.