Transparency, accuracy, and efficiency are the pillars that Mumtalakat is built on. Our Finance team ensures that we report to stakeholders promptly and adhere to International Financial Reporting Standards. The team proactively plans and monitors our financials, budgeting and forecasting, applying the necessary regulations and reporting frameworks, and managing cashflows and liquidity to help meet our funding requirements.
Key Milestones in 2019:
At the beginning of the year, in order to refinance some of our debt maturities, we successfully raised USD 600 million through a 5-year sukuk with a profit rate of 5.6%. With the order book peaking at USD 4 billion, pricing tightened by 62.5 basis points from initial pricing, which was 32 basis points above the sovereign.
Throughout the year, the finance team worked towards supporting Mumtalakat and its diverse portfolio, ensuring that the various funding requirements are met. Where at the same time they managed all financial, statutory, and internal reporting requirements to ensure that they meet the respective reporting requirements and deadlines.