July 22, 2024

Sure Global Tech Secures $12 Million Facility Deal with Banque Saudi Fransi

Last Updated on June 26, 2024 by Hamza Khan

According to a recent market release, Sure Global Tech Company has successfully acquired a significant financial boost with a SAR 45 million loan from Banque Saudi Fransi on June 12, 2024. Below are more details on the deal.

Key Insights On Sure Global Tech’s Deal With Banque Saudi Fransi

With a one-year time frame, the Sharia-compliant arrangement with Banque Saudi Fransi is secured by a written contract for the stipulated value of the credit facilities agreement. This strategic fund infusion will be used to support ongoing and upcoming projects and provide bank guarantees and letters of credit. The financing follows a significant deal Sure Global Tech inked last April to manage computers for the Shura Council project. 

Despite a 6.44% drop in revenues to SAR 194.29 million, the IT company’s net profits increased 19.09% year over year to SAR 28.67 million in the one year ending on  December 31, 2023. Earnings per share (EPS) increased from SAR 3.13 to SAR 3.73, demonstrating the company’s resilient financial standing in the face of fluctuating revenue.

What Is Sure Global Tech?

Since its founding in 2004, Sure Global Tech has grown its Saudi expertise to meet worldwide standards. This enables it to offer technological and consultative solutions to many of the nation’s public and private sector companies. Sure offers digital transformation consults, SME-focused products, and software development, infrastructure, maintenance, and operation services through national talents. Sure recently pioneered two new fields: investment in promising companies and FinTech, which it fulfills through its new company, SurePay.”

FAQs

How many employees does Banque Saudi Fransi have?

As of April 2024, BSF has around 4.1K employees. These staff members are spread across six continents, including Asia, North America, and Europe.

Who owns Banque Saudi Fransi?

Since its founding in 1977, Crédit Agricole Corporate and Investment Bank holds approximately 31% of BSF.

What is the revenue of Banque Saudi Fransi?

BSF’s most recent financial reports state that the company’s total revenue to date (TTM) is $2.49 billion. The company generated $2.10 billion in revenue in 2022, up from $1.93 billion in revenue in 2021.

What is the name of Saudi Fransi Bank?

The Saudi joint stock company, BSF Bank, is affiliated with Crédit Agricole Corporate and Investment Bank.

What is Sure Global Tech’s revenue?

The trailing twelve-month revenue for Sure Global Tech is $51.7M.

What is the new brand of Banque Saudi Fransi?

The bank announced in a release that it completed its rebranding; effective immediately, the bank will operate under the name “BSF.”

What is the mission statement of Banque Saudi Fransi?

BSF seeks to become the region’s most modern, innovative, and experience-focused bank.

Takeaways

Sure Global Tech’s recent SAR 45 million loan from BSF will strengthen its project finance and operational capabilities, reflecting the company’s continued expansion and key collaborations in Saudi Arabia’s IT sector. This decision demonstrates the company’s dedication to developing its technology services and growing its market share.

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