Riyadh – Mubasher: Saudi Electricity Company (SEC) on Tuesday announced signing a five-year murabaha facility agreement with Samba Financial Group at a value of SAR 2.4 billion.
The state-run utility will allocate the loan for financing expansions and its coming projects, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm last reported a 6.4% year-on-year decline in profits for the third quarter of 2018, registering SAR 4.9 billion, compared to SAR 5.26 billion.
In the first nine months of 2018, SEC’s profits dropped 55.28% to SAR 5.56 billion, versus SAR 12.4 billion in the same period of the previous year.
Samba Financial Group last reported an 8.3% year-on-year profit growth by in the third quarter ended September, reaching SAR 1.41 billion, compared to SAR 1.3 billion.
SEC’s stock remained unchanged to close the mid-week session at SAR 15.10, while Samba Financial Group’s stock inched down 0.99% to SAR 30.05.
