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TOTAL PLAY ANNOUNCES REVENUE OF Ps.10,843 MILLION AND EBITDA OF Ps.5,083 MILLION IN THE FIRST QUARTER OF 2025

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1 year ago

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—Capex for the quarter was equivalent to 24% of the company’s revenue, compared to Capex equivalent to 30% of revenue a year ago—

—EBITDA less Capex reached a record high of Ps. 2,482 million in the period—

 —EBITDA less Capex and interest was Ps.587 million in the quarter, more than double from Ps.237 million a year ago—

MEXICO CITY, April 29, 2025 /PRNewswire/ — Total Play Telecomunicaciones, S.A.P.I. de C.V. (“Total Play”), a leading telecommunications company in Mexico, which offers internet access, pay television and telephony services, through one of the largest 100% fiber optic networks in the country, announced today financial results for the first quarter of 2025.

“We were able to further boost our solid cash flow generation — defined as EBITDA less Capex less interest paid — which totaled Ps.587 million this quarter, more than double the prior-year figure, and which represents the fifth consecutive quarter of significant cash generation at Total Play. This positive performance this period comes amid solid progress on cost reduction initiatives that strengthened EBITDA, along with Capex, which represents only 24% of our revenues,” commented Eduardo Kuri, CEO of Total Play. “The significant cost reduction also further boosted profitability, with a six-percentage-point increase in gross margin to 85% and a two-percentage-point increase in EBITDA margin to 47% this period.”

“On the balance sheet, we announced on April 14th the successful placement — among a limited number of investors — of US$200 million Additional Notes to Total Play’s US$821 million Senior Secured Notes due 2032 issued last February,” Mr. Kuri added. “The proceeds from the placement of the Additional Notes will be largely used to repay shorter-term debt, which translates into stability in the Company’s leverage levels and a neutral effect on our net debt. They also extend Total Play’s maturity profile and further strengthen our liquidity.”

First quarter results

Revenue for the quarter was Ps.10,843 million, compared to Ps.11,087 million for the same period last year. Total costs and expenses were Ps.5,760 million, 6% lower than Ps.6,099 million for the previous year.

As a result, Total Play’s EBITDA grew 2% to Ps.5,083 million, up from Ps.4,988 million a year ago; the quarterly EBITDA margin was 47%, two percentage points higher than the same quarter in 2024. The company recorded an operating profit of Ps.763 million, compared to Ps.836 million a year ago.

Total Play reported a net loss of Ps.1,961 million, compared to a loss of Ps.1,164 million in the same quarter of 2024. 

   Q1 2024 

   Q1 2025 

  Change 

Ps. 

%

Revenue from services 

$11,087

$10,843

$(244)

(2) %

EBITDA   

$4,988

$5,083

$95

2 %

Operating income 

  

Net result  

$836 

  

$(1,164) 

$763

  

$(1,961) 

$(73) 

  

$(797) 

(9)% 

  

(68)% 

Amounts in millions of pesos.

EBITDA: Earnings before interest, taxes, depreciation, and amortization.

Revenue from services

The company’s revenue decreased 2%, reflecting a 37% decline in revenue from its enterprise business and a 5% increase in sales from its residential segment.

Totalplay Residential’s revenue growth, to Ps.9,570 million, compared to Ps.9,078 million in the previous year, is due to a 9% increase in the number of subscribers to the company’s services compared to the same quarter of the previous year, reaching 5,328,703 — a figure that includes 68,036 small and medium-sized businesses — this period. The company believes that the number of users reached this quarter reflects its remarkable ability to offer technologically advanced internet services — with superior stability and speed — continuous innovation in its entertainment platform, and service excellence.

Compared to the previous quarter, the subscriber base increased by 108,921 users, in line with Total Play’s strategy of moderating subscriber growth.

Average revenue per subscriber (ARPU) for the quarter was Ps.597, compared to Ps.617 a year ago. The decrease in ARPU is largely related to a growing proportion of users with doble-play packages compared to triple-play users within the total residential subscriber base.

The number of homes passed by Total Play in Mexico at the end of this period was 17,625,585, a figure with minor variations compared to 17,568,145 a year ago. This reflects the company’s strategy of not investing in geographic coverage, in order to further strengthen cash flow generation.

Penetration — the proportion of homes passed by Total Play that have the company’s telecommunications services — was 30.2% at the end of the quarter, up from 27.9% a year ago.

Revenue from the enterprise business was Ps.1,273 million, compared to Ps.2,009 million in the previous year. The reduction is due to the completion of predetermined-duration projects scheduled to conclude this period.

Costs and expenses

Total costs and expenses decreased 6%, as a result of a 30% reduction in service costs and a 9% increase in general expenses.

The reduction in costs, to Ps.1,597 million, from Ps 2,295 million a year earlier, primarily resulted from lower costs for business projects concluded in the period, as well as lower content costs, partially offset by higher membership costs.

The increase in expenses, to Ps.4,163 million, from Ps.3,804 million, reflects higher maintenance and licensing expenses, partially offset by a reduction in personnel expenses.

EBITDA and net result

Total Play’s EBITDA was Ps.5,083 million, 2% higher than the Ps.4,988 million of the previous year.

Key variations below EBITDA were as follows:

An increase of Ps.168 million in depreciation and amortization, primarily resulting from user acquisition costs — telecommunications equipment, labor, and installation expenses.

An increase of Ps.627 million in the fair value of financial instruments, as a result of the prepayment of costs related to the issuance of Senior Notes due 2028 due to the completion of the exchange offer for such Notes — and the cancellation of the exchanged Notes — announced on February 10, 2025.

A growth of Ps.293 million in interest payable, consistent with an increase in the financial debt balance.

A foreign exchange loss of Ps.40 million this quarter, compared to a foreign exchange gain of Ps.410 million a year ago, as a result of a net monetary liability position in foreign currency, coupled with the depreciation of the peso against the dollar this period, compared to its appreciation the previous year.

Total Play reported a net loss of Ps.1,961 million, compared to a loss of Ps.1,164 million in the same period in 2024.

Balance sheet

As of March 31, 2025, the company’s debt with cost was Ps.60,806 million, compared to Ps.51,388 million in the previous year. This increase includes the subscription of an additional US$225 million as part of the exchange of US$821 million Senior Secured Notes due 2032, announced last February, the effect of the exchange rate depreciation on foreign currency-denominated debt during the period, and the issuance of Cebures.

Lease liabilities were Ps.3,917 million, 28% lower than the previous year’s Ps.5,459 million.

Cash and cash equivalents, as well as restricted cash held in trusts, was Ps.10,008 million, compared to Ps.4,860 million a year ago. As a result, the company’s net debt was Ps.54,715 million, compared to Ps.51,987 million a year ago.

The debt ratio — Net Debt / EBITDA for the last two quarters, annualized — was 2.59 times.

Total Play’s fixed assets — which include accumulated investments in fiber optic, telecommunications equipment, and subscriber acquisition costs, among other assets — were Ps. 85,944 million, compared to Ps. 61,693 million a year ago. The increase is related to the periodic recognition of the fair value of fixed assets — revaluation — under both, the Multi-Period Excess Earnings Method and the Market Approach.

In a follow-up event, on April 14, Total Play announced the successful placement of US$200 million Additional Notes to a limited number of investors, in addition to its US$821 million Senior Secured Notes due 2032, with an interest rate of 11.125%. The Additional Notes share the same characteristics — same contract, same guarantees, and fully fungible — as those of the Senior Secured Notes due 2032. The proceeds from the placement of the Additional Notes — in an all-cash transaction — will be used largely to repay shorter-term debt, extending Total Play’s maturity profile and further strengthening its liquidity.

About Total Play

Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: www.totalplay.com.mx.

Total Play is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors, and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.

Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities.

Investor Relations:

Bruno Rangel

Rolando Villarreal

+ 52 (55) 1720 9167

+ 52 (55) 1720 9167

jrangelk@totalplay.com.mx

rvillarreal@totalplay.com.mx

Press Relations:

Luciano Pascoe

Tel. +52 (55) 1720 1313 ext. 36553

lpascoe@gruposalinas.com.mx

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I.  DE C.V. AND SUBSIDIARIES

CONSOLIDATED QUARTERLY INCOME STATEMENTS

(Millions of Mexican pesos)

1Q24

1Q25

Change

$

%

$

%

$

%

Revenue from services

11,087

100 %

10,843

100 %

(244)

(2 %)

Cost of services

(2,295)

(21 %)

(1,597)

(15 %)

698

30 %

Gross profit

8,792

79 %

9,246

85 %

454

5 %

General expenses

(3,804)

(34 %)

(4,163)

(38 %)

(359)

(9 %)

EBITDA

4,988

45 %

5,083

47 %

95

2 %

Depreciation and amortization

(4,152)

(37 %)

(4,320)

(40 %)

(168)

(4 %)

Operating profit 

836

8 %

763

7 %

(73)

(9 %)

Financial cost:

Interest revenue

69

1 %

56

1 %

(13)

(19 %)

Derivative financial instruments

(297)

(3 %)

(924)

(9 %)

(627)

n.m. 

Accrued interest expense

(1,477)

(13 %)

(1,770)

(16 %)

(293)

(20 %)

Other financial expenses

(42)

(0 %)

(200)

(2 %)

(158)

n.m. 

Foreign exchange gain (loss) – Net

410

4 %

(40)

(0 %)

(450)

(110 %)

(1,337)

(12 %)

(2,878)

(27 %)

(1,541)

(115 %)

Loss before income tax provisions

(501)

(5 %)

(2,115)

(20 %)

(1,614)

n.m. 

Income tax provision

(663)

(6 %)

154

1 %

817

123 %

Net loss for the period

(1,164)

(10 %)

(1,961)

(18 %)

(797)

(68 %)

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Millions of Mexican pesos)

As of March 31,

2024

2025

Change

$

%

$

%

$

%

Assets

CURRENT ASSETS

Cash and cash equivalents

2,138

3 %

7,132

6 %

4,994

n.m.

Restricted cash in trusts

2,722

3 %

2,876

3 %

154

6 %

Customers – net

4,177

5 %

2,902

3 %

(1,275)

(31 %)

Other accounts receivable

181

0 %

–

0 %

(181)

(100 %)

Derivative financial instruments

–

0 %

193

0 %

193

n.a.

Recoverable taxes

4,137

5 %

3,365

3 %

(772)

(19 %)

Related parties

319

0 %

297

0 %

(22)

(7 %)

Inventories

2,508

3 %

2,416

2 %

(92)

(4 %)

Prepaid expenses

593

1 %

576

1 %

(17)

(3 %)

Total current assets

16,775

20 %

19,757

18 %

2,982

18 %

NON-CURRENT ASSETS

Related parties

233

0 %

162

0 %

(71)

(30 %)

Property, plant and equipmente – Net

61,693

72 %

85,944

77 %

24,251

39 %

Rights-of-use assets -Net

4,492

5 %

2,849

3 %

(1,643)

(37 %)

Trademarks and other assets

2,093

2 %

2,458

2 %

365

17 %

Total non-current assets

68,511

80 %

91,413

82 %

22,902

33 %

Total assets

85,286

100 %

111,170

100 %

25,884

30 %

Liabilities and Stockholders’ Equity

SHORT-TERM LIABILITIES

Financial debt

4,555

5 %

9,240

8 %

4,685

103 %

Lease liabilities

2,457

3 %

2,367

2 %

(90)

(4 %)

Trade payables

14,708

17 %

12,718

11 %

(1,990)

(14 %)

Reverse factoring

1,743

2 %

1,483

1 %

(260)

(15 %)

Other payables and payable taxes

1,809

2 %

1,967

2 %

158

9 %

Related parties

1,026

1 %

1,195

1 %

169

16 %

Liabilities from contracts with customers

471

1 %

618

1 %

147

31 %

Interest payable

258

0 %

35

0 %

(223)

(86 %)

Derivative financial instruments

111

0 %

–

0 %

(111)

(100 %)

Total short-term liabilities

27,138

32 %

29,623

27 %

2,485

9 %

LONG-TERM LIABILITIES

Financial debt

46,833

55 %

51,566

46 %

4,733

10 %

Lease liabilities

3,002

4 %

1,550

1 %

(1,452)

(48 %)

Derivative financial instruments

–

0 %

–

0 %

–

0 %

Employee benefits

84

0 %

101

0 %

17

20 %

Deferred income tax

5,916

7 %

12,950

12 %

7,034

119 %

Total long-term liabilities

55,835

65 %

66,167

60 %

10,332

19 %

Total liabilities

82,973

97 %

95,790

86 %

12,817

15 %

STOCKHOLDERS’ EQUITY

2,313

3 %

15,380

14 %

13,067

n.m.

Total liabilities and stockholders’ equity

85,286

100 %

111,170

100 %

25,884

30 %

 

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Millions of Mexican pesos)

3 months period ended

March 31,

2024

2025

Operating activities:

Loss before income tax provision

(501)

(2,115)

Items not requiring the use of resources:

Depreciation and amortization

4,156

4,320

Employee benefits

9

9

Items related to investing or financing activities:

Accrued interest income

(69)

(56)

Accrued interest expense and other financial transactions

1,816

2,893

Unrealized exchange gain

(187)

(89)

5,224

4,962

Resources (used in) generated by operating activities:

Customers and unearned revenue

(274)

315

Other receivables

1

–

Related parties, net

65

53

Taxes to be recovered

4

353

Inventories

419

292

Advance payments

(64)

(76)

Trade payables

1,196

(906)

Other payables

394

298

Cash flows generated by operating activities

6,965

5,291

Investing activities: 

Acquisition of property, plant and equipment

(3,297)

(2,601)

Other assets

15

(234)

Collected interest

69

56

Cash flows (used in) investing activities

(3,213)

(2,779)

Financing activities:

Loans (paid) received

(538)

4,312

Leasing cash flows

(601)

(822)

Restricted Cash in Trusts

654

(488)

Reverse factoring

(491)

(107)

Derivative financial instruments

(1,561)

265

Interest payment

(1,454)

(1,895)

Cahs flows (used) generated in financing activities

(3,991)

1,265

Net increase (decrease) of cash and cash equivalents

(239)

3,777

Cash and cash equivalents at the beginning of the year 

2,377

3,355

Cash and cash equivalents at the end of the year 

2,138

7,132

 

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SOURCE Total Play Telecomunicaciones, S.A.P.I. de C.V.

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

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58 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

By

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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