Elm Company has renewed a Shariah-compliant credit facility agreement of 500 million Saudi riyal ($133.32 million) with Al Rajhi Bank.

The 12-month facilities are secured by a promissory note at the full amount of the financing, the company said in a statement to the Saudi stock exchange on Monday.

The credit facility will be used to finance working capital and issuance of bank guarantees, the statement said.

In July, the company reported a net profit of SAR 1.1 billion for the first half of 2025, a 31% increase from SAR 831 million a year earlier.

Elm's board has approved a 45% cash dividend, or SAR 350.4 million, for the first six months of the year.

(Editing by Seban Scaria seban.scaria@lseg.com)