Elm company signed a Sharia-compliant facility agreement valued at SAR 500 million with Al Rajhi Bank on 11 September 2023.

The facility deal is secured by a promissory note with the amount of the total loan limit, according to a bourse statement.

Elm will use the loan to finance its working capital as well as bank guarantee facilities.

In the first half (H1) of 2023, the listed firm logged net profits after Zakat and tax worth SAR 695 million, an annual surge of 56.53% from SAR 444 million.

Revenues hiked by 26.32% to SAR 2.69 billion in H1-23 from SAR 2.13 billion a year earlier, while the earnings per share (EPS) enlarged to SAR 8.95 from SAR 5.68.

During the first six months (6M) of 2023, Al Rajhi Bank generated 1.16% year-on-year (YoY) lower net profits at SAR 8.29 billion, compared to SAR 8.39 billion.

The EPS plummeted to SAR 1.97 as of 30 June 2023 from SAR 2.08 in the year-ago period.

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