LONDON (Alliance News) - ADES International Holdings PLC said Tuesday it has more than doubled its credit facility from Saudi Arabian lender Alinma Bank.
The Middle East and North Africa-focused oil & gas services firm explained it has secured an additional SAR540 million - or USD144 million - top-up to its credit facility with the bank. This is in addition to its SAR525 million credit facility already extended to ADES by Alinma.
Following the increase, ADES now has a total facility from Alinma of SAR1.07 billion or USD284 million. Of this, SAR525 million has already been utilised in 2018.
In 2018, ADES generated USD79.4 million in pretax profit on revenue of USD205.6 million.
"We are very pleased to be continuing our relationship with Alinma Bank and signing this flexible facility, which demonstrates continued confidence in the group and our strategy," ADES Chief Executive Officer Mohamed Farouk said. "The first debt arrangement was important in realizing our strategic acquisitions in KSA last year, whereas the new facility will further enhance our strong cash position and optimise the cost of funding for our business activities."
Shares in ADES were untraded at USD14.40 on Tuesday in London.