JEDDAH: Arab energy companies posted record net profits of over $280 million in 2024 — their highest ever — driven by strong business volumes and strategic initiatives, according to the Arab Energy Organization.
The achievement reflects the resilience of Arab energy firms amid volatile markets and follows efforts to modernize operations and strengthen coordination across member states, said Secretary-General Jamal Al-Loughani during the opening of the organization’s 54th Annual Coordinating Meeting.
He stressed the importance of providing necessary support to foster growth, enhance prosperity, and achieve their founding objectives, the Kuwait News Agency, or KUNA, reported.
“Al-Loughani underscored the need to build on previous meetings and their positive outcomes, moving toward a new phase that opens avenues for cooperation among affiliated companies and with national companies of a similar nature and activity in member states,” KUNA reported.
The official commended the companies’ efforts, describing them as a catalyst for deeper Arab cooperation. He highlighted their “pivotal and constructive role” in fostering collaboration and creating opportunities to strengthen the petroleum industry across member states, despite challenges arising from regional and global market conditions.
Al-Loughani also highlighted the “continuous and constructive” communication maintained between the General Secretariat and the affiliated firms through designated liaison officers, KUNA reported.
During the meeting, representatives of the organization’s affiliated companies reviewed major activities for 2024 and the first half of 2025, including commercial and technical operations, financial results, human resources activities, and training programs.
They also presented several plans and projects aimed at enhancing performance, adapting to current market fluctuations, and maximizing revenue.
The meeting was attended by representatives of the Arab Shipbuilding and Repair Yard Co., or ASRY, the Arab Energy Fund, the Arab Petroleum Services Co., the Arab Drilling and Workover Co., and the Arab Well Logging and Well Services Co.
The Arab Energy Organization, formerly known as the Organization of Arab Petroleum Exporting Countries, was restructured and renamed in December following a Saudi-led proposal to broaden its mandate beyond oil to cover the wider energy sector.
Saudi Arabia’s ACWA Power, a major renewable energy firm and one of the region’s key players, reported a 2024 net profit of SR1.75 billion ($466 million), up 5.7 percent year on year, underscoring the Arab energy sector’s gradual shift toward sustainable growth.
