Riyadh –  Zahrat Al Waha for Trading Company obtained a loan worth SAR 40 million from the Saudi Industrial Development Fund (SIDF) on 27 August 2023.

Through the facility, Zahrat Al Waha will finance its working capital, according to a bourse filing.

The two-year financing agreement is secured by order notes with the total facility value as well as a mortgage document for the company's assets.

In the first half (H1) of 2023, Zahrat Al Waha recorded a 1.56% year-on-year (YoY) decline in net profit after Zakat and tax to SAR 9.76 million, compared to SAR 9.91 million.

Revenues dropped by 8.58% to SAR 307.27 million in H1-23 from SAR 336.10 million in H1-22, while the earnings per share (EPS) retreated to SAR 0.43 from SAR 0.44.

Last June, the Tadawul-listed firm renewed its SAR 60 million facility deal with the Saudi National Bank (SNB).

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