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Al Babtain Power secures SAR 200m loan from Banque Saudi Fransi

Al Babtain Power secures SAR 200m loan from Banque Saudi Fransi
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ALBABTAIN
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Riyadh – Mubasher: Al Babtain Power and Telecommunication Company penned a long-term banking facility agreement worth SAR 200 million with Banque Saudi Fransi on 19 December 2022.

The Islamic tawarruq finance, which is valid for five years, is secured by order notes and a waiver for some revenue of projects, according to a bourse disclosure.

Al Babtain Power will use the proceeds of the loan to restructure part of short-term investments and transfer it to long-term financing, which will enlarge the necessary cash flow to fund its needs.

Last October, the firm’s Egyptian unit Al Babtain Power and Telecommunication Company – Egypt inked a $24 million contract with Elsewedy Electric T&D.

In the first nine months (9M) of 2022, the Tadawul-listed company reported net profits after Zakat and tax worth SAR 38.07 million, an annual drop of 9.81% from SAR 42.21 million.

Revenues hiked by 43.89% to SAR 1.51 billion in 9M-22 from SAR 1.04 billion in 9M-21, whereas the earnings per share (EPS) retreated to SAR 0.90 from SAR 1.02.