27 Short term borrowings and medium-term loans
Short term borrowings and medium-term loans
- Short-term borrowings
| 2023 | 2022 | |||
| AED’000 | AED’000 | |||
| At 1 January | 340,000 | 441,910 | ||
| Proceeds during the year | 150,000 | 299,787 | ||
| Repayments | (275,000) | (401,697) | ||
| At 31 December | 215,000 | 340,000 |
| Year of
maturity |
2023 | 2022 | ||
| Loan | Carrying amount | Carrying amount | ||
| AED’000 | AED’000 | |||
| Term loan 1 | 2024/2023 | 150,000 | 150,000 | |
| Term loan 2 | 2024/2023 | 65,000 | 65,000 | |
| Term loan 3 | 2023 | – | 65,000 | |
| Term loan 4 | 2023 | – | 60,000 | |
These short-term borrowings carry variable interest rates ranging from 7.73% p.a to 9.9% p.a (2022: 5.99% p.a to 8.00% p.a).
- Medium term loans
| 2023 | 2022 | |||
| AED’000 | AED’000 | |||
| At 1 January | 66,667 | 100,000 | ||
| Repayments | (33,334) | (33,333) | ||
| At 31 December | 33,333 | 66,667 |
| Obtained
In |
Matures in | Approved facility line
AED ‘000 |
Repayment schedule | Interest rate |
|
30 November 2021 |
2024 |
100,000 |
5 equal instalments of AED 16,667 thousand plus interest and one final instalment (6th) covering the residual utilisation amount plus interest. |
3 months EIBOR + 2.50% p.a. |
Short term borrowing and/or medium term loans are subject to financial covenants that are customary to credit facilities of such nature.
