Saudi Electricity Company (SEC) has signed a SAR15 billion ($4 billion) joint syndicated revolving credit facility from leading financial institutions.

 

The lenders include 15 regional and global banking institutions, according to a Saudi Exchange filing.

 

The three-year facility will be used to finance general corporate purposes, the company said.

 

SEC, earlier this month reported that the company continued to deliver strong financial performance in the first half and second quarter of 2024. SEC reported a 15.5% increase in its revenues for H1 2024, reaching SAR38.2 billion, with net profit rising by 16.6% to SAR5.2 billion compared to the same period last year. In Q2 2024, revenues increased by 13.5% to SAR22.4 billion, and net profit grew by 8.2% to SAR4.3 billion compared to the same quarter of the previous year.  -TradeArabia News Service