National Building renews $22.6mln loan deal with Alinma Bank

Reuters Images/Faisal Al Nasser

The revolving loan is valued at SAR 85 million and holds a nine-month tenor, according to a bourse filing

Staff Writer, Mubasher

April 17, 2024

PHOTO

National Building and Marketing Company has extended a Sharia-aligned bank facilities agreement with Alinma Bank as signed on 16 April 2024.

The revolving loan is valued at SAR 85 million and holds a nine-month tenor, according to a bourse filing.

National Building stated that it will use the bank facilities to fund its working capital requirements.

In 2023, the listed company reported a 21.25% annual decline in net profit to SAR 30.53 million from SAR 38.77 million.

The revenues, meanwhile, increased by 7.42% to SAR 700.61 million as of 31 December 2023 compared with SAR 652.19 million in the same period a year earlier.

In addition, the earnings per share (EPS) went down to SAR 2.55 last year from SAR 3.23 in 2022.

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