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Afreximbank delivers strong first quarter 2024 results, surpassing prior year’s performance and in line with expectations

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Afreximbank

The Group’s results for the period demonstrates yet again great resilience in the face of challenging geopolitical and macro-economic conditions

Afreximbank Group delivered a strong performance even as we expanded our subsidiary companies’ operations and our activities in the Caribbean

CAIRO, Egypt, May 17, 2024/APO Group/ — 

African Export-Import Bank (“Afreximbank” or the “Group”) (www.Afreximbank.com) has released the consolidated financial statements of the Bank and its subsidiaries for the three months ended 31 March 2024.

The Group’s results for the period demonstrates yet again great resilience in the face of challenging geopolitical and macro-economic conditions. The results show year-on-year growth and an increase in shareholder value.

Net Interest Income for Q1 2024 grew by 31.73% to US$393.4 million, compared to US$298.6 million for the prior year’s comparative period (Q1 2023). The increase was largely driven by a 40.07% increase in interest income to US$721.8 million, on the back of the growth in the Bank’s portfolio of Loans and advances. Net Interest Margin improved to 4.82% compared to 4.40% in the corresponding period due to a combination of higher benchmark rates and effective management of borrowing costs.

The Group demonstrated an improvement in operating efficiency with a lower cost to income ratio of 14.50% in Q1’2024, compared to 16.82% in Q1’2023. This was achieved despite a 10.63% increase in operating expenses to US$61.4 million (Q1 2023: US$55.5 million). Staff costs rose by 28.55% year-on-year following an increase in staff headcount to support the growth of group business and other initiatives, in line with the Bank’s Sixth Strategic Plan, constituting 52.93% of Group’s expenses.

Group Total assets closed 1Q’2024 at US$ 32.8 billion compared to US$33.5 billion as at 31 December 2023 (FY’2023).

Cash and cash equivalents closed the period at US$4.9 billion (FY 2023: US$5.6 billion) with the Liquidity ratio remaining strong at 14.9%.

The Group’s Shareholders’ Funds rose by 2.89% to US$6.3 billion as of 31 March 2024 (FY 2023: US$6.1 billion) on the back of growth in Group Net income of US$178.7 million. Callable capital, a significant proportion of which was credit enhanced as part of the Bank’s Capital Management Strategy was maintained at US$3.7 billion as of 31 March 2024 (FY 2023: US$3.7 billion).

Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, commented:

“During the first quarter of the financial year 2024, Afreximbank Group delivered a strong performance even as we expanded our subsidiary companies’ operations and our activities in the Caribbean. Looking ahead, we will continue to prioritise revenue and quality assets growth, operational efficiency, while ensuring capital adequacy and adequate liquidity levels are maintained. Focusing on these key areas will enhance the Group’s ability to execute its strategy and initiatives as outlined in its Sixth Strategic Plan.”

He added, “The implementation of the African Continental Free Trade Area (AfCFTA) strongly supported by a robust payments and settlement system like PAPSS, is poised to strengthen the continent’s economic resilience by providing a shield against volatility on the international scene. Consequently, Africa is projected to sustain its resilience in 2024 and attain a growth rate of approximately 4 percent. We look forward to the rest of the year with confidence.”

Highlights of the results for the Group are shown below:

Financial Performance MetricsQ1-2024Q1-2023
Gross Income (US$ billion)753.80547.92
Operating Income (US$ billion)423.52329.91
Net Income (US$ million)178.65171.13
Return on average equity (ROAE)11.51%12.89%
Return on average assets (ROAA)2.19%2.54%
Net interest margin4.82%4.40%
Cost-to-income ratio14.50%16.82%
Financial Position MetricsQ1-2024FY2023
Total Assets (US$ billion)32.8233.47
Total Liabilities (US$ billion)26.5227.35
Shareholders’ Funds (US$ billion)6.306.12
Net asset value per share (Bank)US$ 65,495US$63,858
Non-performing loans ratio (NPL)2.72%2.47%
Cash/Total assets14.89%16.80%
Capital Adequacy ratio (Basel II)22.94%23.77%

Distributed by APO Group on behalf of Afreximbank.

Energy

Venezuela Energy Week Confirms 19 August Date for Houston Industry Showcase

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Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the Houston Industry Showcase will take place on 19 August, convening U.S. energy leaders ahead of Venezuela Energy Week 2027 in Caracas

HOUSTON, United States of America, August 10, 2026/APO Group/ –The organizers of Venezuela Energy Week (VEW) have confirmed that the Houston Industry Showcase will take place on 19 August 2026 at The Post Oak Hotel. Officially supported by Venezuela’s Ministry of Hydrocarbons and national oil company PDVSA, the event will bring together U.S. energy companies, investors and policymakers to explore commercial opportunities ahead of Venezuela Energy Week 2027 in Caracas in February.

The showcase will feature Minister of Hydrocarbons Paula Henao as a keynote speaker, providing an update on Venezuela’s energy priorities, investment agenda and opportunities for international partnership. Her participation underscores the country’s commitment to strengthening engagement with global industry as it seeks to expand production and unlock new upstream investment.

Bringing together exploration and production companies, independent operators, oilfield service providers, engineering firms, technology companies and financial institutions, the Houston Industry Showcase will examine opportunities across exploration, production optimization, infrastructure rehabilitation and field development.

As Venezuela works to increase oil and gas production, demand is expected to grow for the technical expertise of U.S. service providers in drilling, well intervention, completion services, production optimization, artificial lift, digital oilfield technologies and infrastructure rehabilitation. Houston-based industry leaders – including SLB, Halliburton, Baker Hughes, Weatherford and a broad network of EPC contractors, equipment manufacturers and specialized service companies – are well positioned to support the modernization of mature fields, improve operational efficiency and deliver the technologies and services needed for future upstream projects.

The Houston event follows a successful Industry Showcase in London, which brought together international investors, operators and energy service companies to explore Venezuela’s evolving investment landscape. Building on that momentum, the Houston edition will deepen engagement with the U.S. energy industry and strengthen commercial dialogue ahead of Venezuela Energy Week 2027.

Venezuela Energy Week – the country’s largest energy investment platform to date – has been confirmed for 22–25 February 2027 in Caracas. Organized by Energy Capital & Power, the event will bring together government leaders, investors and industry stakeholders from across the global energy value chain.

To register for the Houston Industry Showcase on August 19, visit https://apo-opa.co/4g0TncR. To learn more about delegate, sponsorship and partnership opportunities for the showcase or to secure your place at Venezuela Energy Week 2027 in Caracas, contact info@venezuelaenergyweek.com.

Supporting Venezuela’s Earthquake Recovery
Our thoughts are with the people and communities affected by the recent earthquakes in Venezuela. As the country begins the long process of recovery, we encourage members of the global energy community to support relief and reconstruction efforts through the CAF Recovery and Reconstruction Fund for Venezuela, which channels contributions from individuals, companies and organizations to emergency assistance, essential services and long-term rebuilding efforts.

To learn more or make a contribution, please visit the CAF Recovery and Reconstruction Fund for Venezuela (https://apo-opa.co/4hkvteE).

Distributed by APO Group on behalf of Energy Capital & Power.

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Islamic Development Bank Institute (IsDBI) Secures New Patent for Smart Stabilization System from Intellectual Property Office of Singapore

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The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility

JEDDAH, Saudi Arabia, August 10, 2026/APO Group/ –The Islamic Development Bank Institute (IsDBI) (https://IsDBInstitute.org) is pleased to announce that the Intellectual Property Office of Singapore (IPOS) has granted a new patent for its innovative Smart Stabilization System.

 

The patent was granted on 10 July 2026 under Singapore Patent No. 10202250873B for the invention titled “A Computer Network Stabilization System and Method.” The patent application was filed on 1 September 2022 and was formally granted following a comprehensive review process.

This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development

The Smart Stabilization System is a pioneering digital market infrastructure designed to stabilize asset markets by intelligently managing supply-demand gaps and mitigating excessive volatility. Leveraging sophisticated algorithms and advanced simulation models, the system is designed to anticipate supply and demand imbalances and implement programmable stabilization measures before they escalate into market disruptions.

Unlike traditional stabilization mechanisms that rely on capital reserves, buffer funds, or external interventions, the Smart Stabilization System introduces a next-generation framework for achieving autonomous market stabilization through proactive and programmed stabilization mechanisms. By incorporating distributed ledger technology and cryptographic trust mechanisms, the platform enhances transparency, trust, and operational resilience for digital asset and commodity markets.

The successful patent grant reflects IsDBI’s growing contribution to technological innovation and its commitment to developing knowledge-based solutions that address contemporary economic and development challenges.

Since filing the patent application back in 2022, the Institute has continued to advance the Smart Stabilization System through ongoing development and testing, aimed to expand its practical applications and support future capitalization opportunities. These advancements have positioned the system as a potentially transformative solution for enhancing stability and resilience in increasingly digital and interconnected economies.

Commenting on this occasion, Dr. Sami Al-Suwailem, Acting Director General of IsDBI, said, “The grant of this patent by the Intellectual Property Office of Singapore further strengthens the Institute’s position as a leader in developing innovative knowledge-based solutions that leverage modern technologies to address complex development challenges. This achievement reflects our commitment to translating pioneering research into practical solutions that contribute to economic resilience and sustainable development.”

Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).

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Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

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The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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