HEISCO, a company based in Kuwait, has received credit facilities of $271.1 million (KD 83.1 million) from local banks.
Credit Facilities
The company has two credit facilities: one worth $186.3 million (KD 57.1 million) and another worth $84.8 million (KD 26 million). These will be used to finance the company’s activities, as shown in the bourse filings on Wednesday.
HEISCO mentioned that they cannot predict the exact financial impact of these transactions right now. The amounts used from these facilities will gradually appear in their financial reports over time.
HEISCO, which was established in 1974, provides services in engineering, procurement, construction, shipbuilding, ship repair, and other related marine services.
Key Background
Earlier this month, HEISCO signed a contract worth $5.83 million (KD 17.9 million) with Kuwait National Petroleum Company (KNPC) for the retubing of heat exchangers during major shutdowns at the MAA refinery. This contract will last for 62 months.
In March, HEISCO also signed a credit facility agreement with a local bank for $45.6 million (KD 14 million) to support its operations.
In the same month, they secured another contract worth $4.56 million (KD 1.4 million) with KNPC and signed a contract worth $69 million (KD 21.2 million) with the Saudi branch of Engineering for the Petroleum and Process Industries Co. (Enppi). This contract will last for 865 days and is for Aramco.
Financial Performance
For 2024, HEISCO reported a net profit of $29.6 million (KD 9.1 million), showing a 27.61% increase compared to the previous year. The earnings per share increased to $164.19 (KD 50.34), and the total operating revenue grew by 11.08%, reaching $532.1 million (KD 163.1 million).
As of April 15, 2025, the company’s market value is $517 million (KD 158.6 million).
Published: 17th April 2025
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