Sure Global Tech secures $12m from Banque Saudi Fransi
The sharia-compliant loan is backed by a promissory note
Dubai: Sure Global Tech Company secures a $11.9 million (Dh43.7 million) loan from Banque Saudi Fransi on June 12, this year, according to the stock exchange.
Sure Global Tech company develops Saudi expertise with international standards to provide technological and consultative solutions for a considerable number of public and private organisations in the country.
The sharia-compliant loan, with a duration of one year, is backed by a promissory note corresponding to the credit facilities agreement.
The funds will support current and future projects, as well as facilitate the issuance of bank guarantees and letters of credit. Previously in April, Sure Global Tech finalised a contract to manage computer operations for the Shura Council project.
For the 12-month period ending 31 December 2023, the company reported a 19.09 per cent year-on-year increase in net profits to $7.6 million (Dh27.9 million), up from $6.4 million(Dh23.5 million).
However, revenues declined by 6.44 per cent to $51.7 million (Dh189.8 million) from $55.3 million (Dh203.1 million) in 2022. Earnings per share (EPS) rose to $0.99 (Dh3.64) from $0.83 (Dh3.05) during the same period.