Saudi-listed Scientific & Medical Equipment House Co. (Smedical) has renewed its credit facility worth SAR 260 million ($ 69.3 million) with Bank Albilad.

The fresh capital will be used to finance current and future projects, as well as for issuing bank guarantees and opening letters of credit, the healthcare services firm said on Monday. 

As guarantees for the facility, Smedical provided an assignment of contract proceeds and a promissory note valued at SAR 276 million.

The company manages hospitals and other healthcare facilities in Saudi Arabia. It also supplies medical, laboratory and scientific equipment.

Smedical posted a net profit of SAR 28.4 million for the full year 2025, up 8.4% from the previous year.

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com