Sure Global Tech Company obtained a SAR 45 million loan from Banque Saudi Fransi, according to a bourse disclosure.
The sharia-compliant deal, which holds a tenor for one year, is secured by a promissory note for the value of the credit facilities agreement. The company will use the loan to finance current and future projects, and issue bank guarantees and letters of credit.
Last April, Sure Global Tech penned a contract to operate computers for the Shura Council project. In the 12-month period that ended on 31 December 2023, the tech firm recorded 19.09% year-on-year (YoY) higher net profits at SAR 28.67 million, compared to SAR 24.07 million.
Revenues fell by 6.44% to SAR 194.29 million last year from SAR 207.67 million in 2022, while the earnings per share (EPS) rose to SAR 3.73 from SAR 3.13.—Zawya
