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Silicom Reports Q4 2024 Results

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2 years ago

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KFAR SAVA, Israel, Jan. 30, 2025 /PRNewswire/ — Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the fourth quarter and full year ended December 31, 2024.

 

 

Financial Results

Fourth quarter: Silicom’s revenues for the fourth quarter of 2024 were $14.5 million compared with $18.8 million for the fourth quarter of 2023.

On a GAAP basis, the company’s net loss for the quarter totalled $4.4 million, or $0.76 per ordinary share (basic and diluted), compared with a net loss of $35.0 million, or $5.35 per ordinary share (basic and diluted), for the fourth quarter of 2023.

On a non-GAAP basis (as described and reconciled below), net loss for the quarter totalled $3.4 million, or $0.58 per ordinary share (basic and diluted), compared with a net loss of $0.5 million, or $0.07 per ordinary share (basic and diluted), for the fourth quarter of 2023.

Full year 2024: Silicom’s revenues for 2024 were $58.1 million compared with $124.1 million for 2023.

On a GAAP basis, net loss for the year totalled $12.0 million, or $1.99 per ordinary share (basic and diluted), compared with a net loss of $26.4 million, or $3.94 per ordinary share (basic and diluted), for 2023.

On a non-GAAP basis (as described and reconciled below), net loss for the year totalled $8.3 million, or $1.37 per ordinary share (basic and diluted), compared with net income of $10.2 million, or $1.52 per ordinary share (basic and diluted), for 2023.

During 2024, the Company generated approximately $17.3 million in cash, and invested more than half of that, approximately $10 million, in repurchasing ~650,000 Silicom shares.

Guidance

Management projects that revenues for the first quarter of 2025 will range from $14 million to $15 million. Growth in 2025 is expected to be in the low single digits, with strong double digit annual growth rate materializing gradually from 2026.

Comments of Management

Liron Eizenman, Silicom’s President and CEO, commented, “We are pleased to report another quarter of progress according to our strategic plan, with strong Design Win momentum increasing the visibility of our potential mid-to-long-term revenue growth. While we continue to deal with short-term challenges, during the quarter we achieved milestone after milestone with a variety of customers and projects, moving exciting opportunities forward through our broad and wide pipeline towards future Design Wins. This is a clear indication that we are on track for a return to strong double-digit growth in 2026 and beyond.”

Mr. Eizenman continued, “For example, most recently, a global networking and Security-As-A-Service provider customer standardized on our Edge devices for all of its Edge deployment scenarios, and a US-based cyber security leader selected a customized version of our Edge system as its next-generation of a leading product line. Both of these slow-and-steady, continuously-building engagements are expected to lead to years of recurring revenues, serving as a rock-solid platform for future growth. Any ramp-ups that materialize faster than originally projected would accelerate the pace.” 

Mr. Eizenman concluded, “Looking forward, we continue to focus on creating strong, long-term value for our shareholders, aiming at an EPS above $3 based on annual revenues of $150 – $160 million. To this end, we have built an exceedingly strong financial platform, and continue to execute on our share repurchase initiative. Our new opportunities and Design Win momentum have increased the already-high motivation and dedication of our excellent team, who enter 2025 with excitement regarding our future prospects. We look forward to reporting our progress as we continue executing on our growth strategy.”

Conference Call Details
Silicom’s Management will host an interactive conference today, January 30th, at 9am Eastern Time (6am Pacific Time, 4pm Israel Time) to review and discuss the results.

To participate, investors may either listen via a webcast link hosted on Silicom’s website or via the dial-in. The link is under the investor relations’ webcast section of Silicom’s website at https://www.silicom-usa.com/webcasts/.

For those that wish to dial in via telephone, one of the following teleconferencing numbers may be used:

US: 1 866 860 9642
ISRAEL: 03 918 0609
INTERNATIONAL: +972 3 918 0609
At: 9:00am Eastern Time, 6:00am Pacific Time, 4:00pm Israel Time

It is advised to connect to the conference call a few minutes before the start.

For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call under the above-mentioned webcast section of Silicom’s website.

Non-GAAP Financial Measures

This release, including the financial tables below, presents other financial information that may be considered “non-GAAP financial measures” under Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our company. These non-GAAP financial measures exclude compensation expenses in respect of options and RSUs granted to directors, officers and employees, impairment of goodwill, taxes on amortization and impairment of acquired intangible assets, impairment of intangible assets and related write-offs, as well as lease liabilities – financial expenses (income). Non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the non-GAAP financial measures as well as reconciliation between the non-GAAP financial measures and the most comparable GAAP financial measures. The non-GAAP financial information presented herein should not be considered in isolation from or as a substitute for operating income (loss), net income (loss) or per share data prepared in accordance with GAAP.

About Silicom

Silicom Ltd. is an industry-leading provider of high-performance networking and data infrastructure solutions. Designed primarily to improve performance and efficiency in Cloud and Data Center environments, Silicom’s solutions increase throughput, decrease latency and boost the performance of servers and networking appliances, the infrastructure backbone that enables advanced Cloud architectures and leading technologies like NFV, SD-WAN and Cyber Security. Our innovative solutions for high-density networking, high-speed fabric switching, offloading and acceleration, which utilize a range of cutting-edge silicon technologies as well as FPGA-based solutions, are ideal for scaling-up and scaling-out cloud infrastructures.

Silicom products are used by major Cloud players, service providers, telcos and OEMs as components of their infrastructure offerings, including both add-on adapters in the Data Center and stand-alone virtualized/universal CPE devices at the edge.

Silicom’s long-term, trusted relationships with more than 200 customers throughout the world, its more than 400 active Design Wins and more than 300 product SKUs have made Silicom a “go-to” connectivity/performance partner of choice for technology leaders around the globe.

For more information, please visit: www.silicom.co.il

Statements in this press which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the company’s control, which may cause actual results, performance, or achievements of the company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, Silicom’s increasing dependence for substantial revenue growth on a limited number of customers, the speed and extent to which Silicom’s solutions are adopted by the relevant markets, difficulty in commercializing and marketing of Silicom’s products and services, maintaining and protecting brand recognition, protection of intellectual property, competition, disruptions to its manufacturing, sales & marketing, development and customer support activities, the impact of the wars in Gaza and in the Ukraine, attacks on shipping by Huthis in the Red Sea, rising inflation, rising interest rates and volatile exchange rates, as well as any continuing or new effects resulting from the COVID-19 pandemic, and the global economic uncertainty, which may impact customer demand by encouraging them to exercise greater caution and selectivity with their short-term IT investment plans. The factors noted above are not exhaustive.

Further information about the company’s businesses, including information about factors that could materially affect Silicom’s results of operations and financial condition, are discussed in our Annual Report on Form 20-F and other documents filed by the Company and that may be subsequently filed by the company from time to time with the SEC. These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expect,” “should,” “believe,” “anticipate” or words of similar import. Similarly, statements that describe future plans, objectives or goals are also forward-looking statements. In light of significant risks and uncertainties inherent in forward-looking statements, the inclusion of such statements should not be regarded as a representation by the company that it will achieve such forward-looking statements. The company disclaims any duty to update such statements, whether as a result of new information, future events, or otherwise.

Logo: https://mma.prnewswire.com/media/733229/Silicom_Ltd_Logo.jpg

Company Contact:
Eran Gilad, CFO
Silicom Ltd.       
Tel: +972-9-764-4555       
E-mail: erang@silicom.co.il

Investor Relations Contact:
Ehud Helft
EK Global Investor Relations
Tel: +1 212 378 8040
E-mail: silicom@ekgir.com 

— FINANCIAL TABLES FOLLOW –

 

 

 

Silicom Ltd. Consolidated Balance Sheets

(US$ thousands)

December 31,

December 31,

2024

2023

Assets

Current assets

Cash and cash equivalents

$

51,283

$

46,972

Marketable securities

20,860

7,957

Accounts receivables: Trade, net

11,748

25,004

Accounts receivables: Other

4,839

3,688

Inventories

41,060

51,507

Total current assets

129,790

135,128

Marketable securities

6,839

16,619

Assets held for employees’ severance benefits

1,483

1,357

Deferred tax assets

1,704

2,359

Property, plant and equipment, net

3,055

3,552

Intangible assets, net

2,300

2,253

Right of Use

6,942

6,466

Total assets

$

152,113

$

167,734

Liabilities and shareholders’ equity

Current liabilities

Trade accounts payable

$

6,477

$

4,139

Other accounts payable and accrued expenses

6,945

6,668

Lease Liabilities

1,670

2,070

Total current liabilities

15,092

12,877

Lease Liabilities

4,797

3,877

Liability for employees’ severance benefits

2,649

2,672

Deferred tax liabilities

32

46

Total liabilities

22,570

19,472

Shareholders’ equity

Ordinary shares and additional paid-in capital

73,859

70,693

Treasury shares

(53,512)

(43,631)

Retained earnings

109,196

121,200

Total shareholders’ equity

129,543

148,262

Total liabilities and shareholders’ equity

$

152,113

$

167,734

 

 

 

Silicom Ltd. Consolidated Statements of Operations

(US$ thousands, except for share and per share data)

Three-month period

Twelve-month period

ended December 31,

ended December 31,

2024

2023

2024

2023

Sales

$

14,491

$

18,763

$

58,114

$

124,131

Cost of sales

10,358

23,257

41,516

95,442

Gross profit (loss)

4,133

(4,494)

16,598

28,689

Research and development expenses

4,681

5,016

19,508

20,638

Selling and marketing expenses

1,654

1,592

6,014

6,935

General and administrative expenses

1,376

1,024

4,354

4,229

Impairment of goodwill

–

25,561

–

25,561

Total operating expenses

7,711

33,193

29,876

57,363

Operating income (loss)

(3,578)

(37,687)

(13,278)

(28,674)

Financial income (expenses), net

360

171

1,961

1,372

Income (loss) before income taxes

(3,218)

(37,516)

(11,317)

(27,302)

Income taxes

1,208

(2,549)

687

(889)

Net income (loss)

$

(4,426)

$

(34,967)

$

(12,004)

$

(26,413)

Basic income (loss) per ordinary share (US$)

$

(0.76)

$

(5.35)

$

(1.99)

$

(3.94)

Weighted average number of ordinary shares used to
compute basic income (loss) per share (in thousands)

5,811

6,537

6,020

6,700

Diluted income (loss) per ordinary share (US$)

$

(0.76)

$

(5.35)

$

(1.99)

$

(3.94)

Weighted average number of ordinary shares used to
compute diluted income (loss) per share (in thousands)

5,811

6,537

6,020

6,700

 

 

 

Silicom Ltd. Reconciliation of Non-GAAP Financial Results

(US$ thousands, except for share and per share data)

Three-month period

Twelve-month period

ended December 31,

ended December 31,

2024

2023

2024

2023

GAAP gross profit (loss)

$

4,133

$

(4,494)

$

16,598

$

28,689

(1) Share-based compensation (*)

83

105

276

428

(2) Impairment of intangible assets and related write-offs

–

9,647

–

9,647

Non-GAAP gross profit

$

4,216

$

5,258

$

16,874

$

38,764

GAAP operating income (loss)

$

(3,578)

$

(37,687)

$

(13,278)

$

(28,674)

Gross profit adjustments

83

9,752

276

10,075

(1) Share-based compensation (*)

778

834

2,891

2,925

(3) Impairment of goodwill

–

25,561

–

25,561

Non-GAAP operating income (loss)

$

(2,717)

$

(1,540)

$

(10,111)

$

9,887

GAAP net income (loss)

$

(4,426)

$

(34,967)

$

(12,004)

$

(26,413)

Operating income (loss) adjustments

861

36,147

3,167

38,561

(4) Lease liabilities – Financial expenses (income)

150

368

141

(99)

(5) Taxes on amortization and impairment of acquired intangible assets

22

(2,035)

419

(1,832)

Non-GAAP net income (loss)

$

(3,393)

$

(487)

$

(8,277)

$

10,217

GAAP net income (loss)

$

(4,426)

$

(34,967)

$

(12,004)

$

(26,413)

Adjustments for Non-GAAP Cost of sales

83

9,752

276

10,075

Adjustments for Non-GAAP Research and development expenses

387

413

1,373

1,423

Adjustments for Non-GAAP Selling and marketing expenses

191

199

728

747

Adjustments for Non-GAAP General and administrative expenses

200

222

790

755

Adjustments for Non-GAAP Impairment of goodwill

–

25,561

–

25,561

Adjustments for Non-GAAP Financial income (loss), net

150

368

141

(99)

Adjustments for Non-GAAP Income taxes

22

(2,035)

419

(1,832)

Non-GAAP net income (loss)

$

(3,393)

$

(487)

$

(8,277)

$

10,217

GAAP basic income (loss) per ordinary share (US$)

$

(0.76)

$

(5.35)

$

(1.99)

$

(3.94)

(1) Share-based compensation (*)

0.15

0.14

0.53

0.50

(2) Impairment of intangible assets and related write-offs

–

1.48

–

1.43

(3) Impairment of Goodwill

–

3.91

–

3.81

(4) Lease liabilities – Financial expenses (income)

0.03

0.06

0.02

(0.01)

(5) Taxes on amortization and impairment of acquired intangible assets

–

(0.31)

0.07

(0.27)

Non-GAAP basic income (loss) per ordinary share (US$)

$

(0.58)

$

(0.07)

$

(1.37)

$

1.52

GAAP diluted income (loss) per ordinary share (US$)

$

(0.76)

$

(5.35)

$

(1.99)

$

(3.94)

(1) Share-based compensation (*)

0.15

0.14

0.53

0.50

(2) Impairment of intangible assets and related write-offs

–

1.48

–

1.43

(3) Impairment of Goodwill

–

3.91

–

3.81

(4) Lease liabilities – Financial expenses (income)

0.03

0.06

0.02

(0.01)

(5) Taxes on amortization and impairment of acquired intangible assets

–

(0.31)

0.07

(0.27)

Non-GAAP diluted income (loss) per ordinary share (US$)

$

(0.58)

$

(0.07)

$

(1.37)

$

1.52

(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))

 

 

 

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SOURCE Silicom Ltd.

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LG Electronics Kicks Off UAE Winter Roadshow for the All-New LG OLED EVO W6 Wallpaper TV

Published

42 minutes ago

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October 17, 2026

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UAE residents can spot the ultra-thin 9 mm True Wireless OLED evo W6 at iconic destinations across the country, with interactive social contests and a chance to win the flagship television.

LG Electronics is launching a winter-long roadshow across premier UAE destinations to showcase the all-new flagship LG OLED evo W6, True Wireless Wallpaper TV.The tour officially kicks off at The Lotus Lounge, Anantara The Palm Dubai Resort, running from 16 to 19 October 2026.Secret upcoming locations will be teased on Instagram via @lg_gulf. Guests who visit one of the spot and post an Instagram Story tagging #LGW6spotted and @lg_gulf will enter a grand draw to win an LG OLED W6 TV.

DUBAI, UAE, Oct. 17, 2026 /PRNewswire/ — LG Electronics (LG) has announced the official launch of its nationwide UAE Winter Roadshow, showcasing the groundbreaking LG OLED evo W6, True Wireless Wallpaper TV. Commencing this weekend, the showcase will invite residents and visitors across the Emirates to experience the future of ultra-premium home entertainment firsthand in some of the country’s most scenic and luxurious lifestyle venues.

The roadshow marks the regional debut of the LG OLED evo W6, True Wireless Wallpaper TV, celebrating the much-anticipated return of LG’s iconic “Wallpaper” aesthetic. Measuring an ultra-slim 9.95mm in depth, the W6 mounts seamlessly flush against the wall with zero gaps, transforming the living space into a high-tech art gallery. Equipped with LG’s proprietary Zero Connect wireless transmission technology, the screen delivers lossless 4K video and audio from an untethered AV box placed up to 10 meters away, completely eliminating visible cable clutter.

First Stop: The Lotus Lounge, Anantara The Palm Dubai Resort

The LG OLED evo W6 winter journey kicks off with an exclusive opening pop-up at The Lotus Lounge at Anantara The Palm Dubai Resort, running from 16 to 19 October 2026. Guests visiting the venue will see the display blending seamlessly into an upscale seaside hospitality environment.

A Gamified Winter Tour: #LGW6spotted

Throughout the winter season, the LG OLED evo W6 will pop up at surprise footfall lifestyle destinations across UAE.

To engage consumers and tech enthusiasts, LG Gulf is introducing an interactive social campaign:

Ahead of every pop-up, upcoming secret locations will be teased on @lg_gulf on Instagram. Followers who correctly guess the venue can win exclusive on-the-spot giveaways.Visitors who embark on the city-wide trail and spot the installation at locations can enter a lucky draw to win their very own LG OLED evo W6, True Wireless Wallpaper TV at the conclusion of the campaign. To qualify, participants simply need to capture a photo of the TV, upload it to their Instagram Story, tag @lg_gulf, and use the hashtag # LGW6spotted.

Next-Generation Picture and AI Performance

Beneath its ultra-thin profile, the LG OLED evo W6 is driven by LG’s most sophisticated brain yet: the α11 (Alpha 11) AI Processor 4K Gen3. Engineered to analyze content frame-by-frame, the processor utilizes deep learning to upscale imagery with astonishing spatial depth, refine facial realism, and map multi-channel virtual surround sound tailored to room acoustics.

Complementing the processor is LG’s next-evolution Hyper Radiant Color technology alongside Brightness Booster Ultra, delivering luminous peak highlights that push conventional OLED boundaries while preserving the iconic inky, Perfect Blacks that define the medium. To suit the light-filled, open-plan spaces characteristic of modern homes in the region, the screen incorporates an advanced Reflection Free Premium coating that dramatically suppresses ambient glare without muting color vibrancy.

Setting an industry first, the LG OLED evo W6 also stands as the world’s first True Wireless TV capable of transmitting 4K visual clarity at an ultra-smooth 165Hz refresh rate. Complete with full support for Dolby Vision, Dolby Atmos, and leading gaming technologies, including Variable Refresh Rate (VRR), NVIDIA G-Sync, and AMD FreeSync Premium, the LG OLED evo W6 ensures uncompromising performance whether playing host to high-octane gaming or an intimate, theater-grade cinema evening.

For more information about the LG OLED evo W6, visit:
https://www.lg.com/ae/tvs-soundbars/lg-oled83w66la. To follow the roadshow schedule, decipher location clues, and enter the contest, follow @lg_gulf on Instagram.

About LG Electronics Media Entertainment Solution Company

 The LG Media Entertainment Solution Company (MS) is a recognized innovator in televisions, audio, displays and smart TV platforms. The MS Company enhances the media entertainment experience with its OLED TVs, renowned for perfect black and perfect color, and premium LCD QNED TVs, all powered by the personalized webOS smart TV platform. The MS Company also offers Information Technology solutions (gaming monitors, business monitors, laptops, projectors, cloud devices and medical displays) as well as Signage solutions (Micro LED signage, digital signage, hospitality displays and signage software solutions) that are designed to maximize customers’ work efficiency and deliver strong value. For more news on LG, visit www.LGnewsroom.com. 

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SOURCE LG

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JinkoSolar Unveils Tiger Neo 5.0 All-Black Residential Solar Module with 25.52% Efficiency

Published

4 hours ago

on

October 17, 2026

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SHANGRAO, China, Oct. 17, 2026 /PRNewswire/ — JinkoSolar Holding Co., Ltd. (“JinkoSolar” or the “Company”) (NYSE: JKS), today unveiled Tiger Neo 5.0, an all-black residential solar module built on its all-new TAC technology. The first version to reach the market, an all-black 48-cell module, delivers a maximum power output of 510 W with a module efficiency of 25.52%. It was designed to redefine the upper limits of what a scenario-specific module can deliver in both appearance and efficiency for premium homes and other architecturally refined residences.

The module showcases a deeper, more uniform and more refined black appearance than conventional back-contact (BC) modules. Semiconductor-grade low- and high-temperature processes bring the power temperature coefficient down to -0.24%/℃, meaning stronger energy yield in high-temperature environments.

TAC technology combines the excellent carrier transport of TOPCon with the low-temperature processing and positive electrode passivation of HJT, pushing peak cell efficiency to 28%, approaching the theoretical limit of monocrystalline silicon cells. Together with a zero-gap cell layout and hidden-ribbon technology at module level, the module achieves an efficiency of 25.52%. Compared with conventional BC products, it delivers approximately 30 W more power, and a lower temperature coefficient. Its deeper, more premium black appearance blends seamlessly into residential rooftops— especially dark-colored ones — making it a standout in the residential module category for both power and aesthetics.

“Our vision for Tiger Neo 5.0 was to develop a panel tailored to premium residential rooftops. It pushes the boundaries of both performance and aesthetics with innovations in cell technology, passivation processes, structural design, module format and interconnections. With this launch, we aim to help move the industry toward solutions tailored to specific applications,” said Charlie Cao, CEO of Jinko Solar Co., Ltd.

About JinkoSolar Holding Co., Ltd.

JinkoSolar (NYSE: JKS) is a holding company combining clean energy industrial operations and strategic investment in emerging technologies. Its industrial foundation is a controlling interest in Jinko Solar Co., Ltd. (SSE: 688223), a global leader in clean energy technology. The Company makes disciplined strategic investments in renewable energy, advanced materials, artificial intelligence, commercial space and other frontier technologies, drawing on its industrial experience and its ability to identify emerging technologies and bring them to commercial scale.

Through Jinko Solar Co., Ltd., the Company distributes its solar products and sells its solutions and services to a diversified international utility, commercial and residential customer base in China, the United States, Japan, Germany, the United Kingdom, Chile, South Africa, India, Mexico, Brazil, the United Arab Emirates, Italy, Spain, France, Belgium, Netherlands, Poland, Austria, Switzerland, Greece and other countries and regions.

JinkoSolar has over 10 production facilities globally, over 20 overseas subsidiaries in Japan, South Korea, Vietnam, India, Turkey, Germany, Italy, Switzerland, the United States, Mexico, and other countries, and a global sales network with sales teams in China, the United States, Canada, Brazil, Chile, Mexico, Italy, Germany, Turkey, Spain, Japan, the United Arab Emirates, Netherlands, Vietnam and India, as of June 30, 2026.

To find out more, please see: www.jinkosolar.com 

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the quotations from management in this press release and the Company’s operations and business outlook, contain forward-looking statements. Such statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Further information regarding these and other risks is included in JinkoSolar’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. Except as required by law, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

For investor and media inquiries, please contact:

Ms. Stella Wang
JinkoSolar Holding Co., Ltd.
Tel: +86 21-5180-8777 ext.7806
Email: pr@jinkosolar.com

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SOURCE JinkoSolar Holding Co., Ltd.

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AGFUND wins international award for excellence in inclusive banking and social impact

Published

5 hours ago

on

October 17, 2026

By

 Prince Abdulaziz bin Talal credits the founders of AGFUND’s microfinance banks for laying the foundations of its development impact

BANGKOK, Oct. 17, 2026 /CNW/ — The Arab Gulf Programme for Development (AGFUND) won the “Excellence in Inclusive Banking and Social Impact” award at the 2026 Sustainable Development Goals Awards, organized by the World Savings and Retail Banking Institute (WSBI) in cooperation with the European Savings and Retail Banking Group (ESBG).

AGFUND CEO Hammam bin Nasser bin Juraid accepted the award in Bangkok, Thailand, alongside the Annual Meetings of the International Monetary Fund and World Bank Group.

HRH Prince Abdulaziz bin Talal bin Abdulaziz, President of AGFUND, said the recognition acknowledges AGFUND’s experience using financial services to empower underserved communities, strengthen livelihoods and promote economic independence.

He credited the founders of AGFUND’s microfinance banks, particularly the late Prince Talal bin Abdulaziz, for establishing institutions centered on empowering people.

He added that the award reflects over two decades of commitment, the dedication of financial inclusion banks and partners, and clients who transformed financing into businesses and family income. He emphasized expanding opportunities and measuring success through lasting improvements in people’s lives.

Prince Abdulaziz stressed that the recognition reflects the value of institutions reaching excluded populations and encourages broader access and economic opportunities for families.

AGFUND’s financial inclusion banking network has served more than 1.3 million clients and disbursed over US$1.37 billion in financing since inception. Women represent 59 per cent of borrowers, demonstrating its contribution to economic empowerment.

Presented by WSBI, established in 1924, together with ESBG, the award recognizes an approach linking financial services, social impact and sustainable development.

Following its first bank in Jordan in 2004, AGFUND expanded across nine countries: Jordan, Yemen, Bahrain, Syria, Lebanon, Palestine, Sudan, Mauritania and Sierra Leone, focusing on communities underserved by conventional financial institutions.

The network has issued more than 1.5 million loans, opened over 927,000 savings accounts, established 112 branches and employed more than 1,500 people. Its services finance micro and small enterprises and income-generating activities, improving livelihoods and economic independence.

AGFUND plans to strengthen development partnerships, advance digital solutions and innovative financial products, and integrate financing with training, capacity development, market access and risk protection.

It is also exploring geographic expansion, particularly in Africa, through institutional partnerships that adapt successful approaches to local needs and extend sustainable financial inclusion to more communities.

Website – https://agfund.org/

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SOURCE The Arab Gulf Programme for Development (AGFUND)

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