Riyadh – Mubasher: Saudi Electricity Company (SEC) has signed a $1 billion bilateral Murabaha loan agreement with the Saudi National Bank (SNB).
The funding deal, which was penned on 7 May 2024, holds a five-year duration period with an option of extension for an additional two years, according to a bourse filing.
SEC will use the financing amount for general corporate purposes and capital expenditures.
It is worth noting that the Saudi company registered consolidated net profits after tax of SAR 10.24 billion in 2023.
Meanwhile, according to the latest data, SNB the Saudi lender generated net profits worth SAR 5.04 billion in the first quarter (Q1) of 2024.
