Riyadh – Saudi Kayan Petrochemical Company obtained a Sharia-compliant Murabaha facility worth SAR 3 billion from Saudi National Bank (SNB) on 3 November 2022.

The Tadawul-listed firm will use the funding to back its working capital and boost financial efficiency, according to a bourse disclosure on Tuesday.

Additionally, the revolving credit facility agreement is secured by an order note and valid for five years.

Saudi Kayan noted that any further developments regarding the deal will be announced at a later time.

In the first nine months (9M) of 2022, the company turned to net losses after Zakat and tax valued at SAR 452.77 million, versus net earnings worth SAR 1.94 billion during the January-September 2021 period.

Meanwhile, SNB recorded a 42.35% leap in net profit to SAR 13.81 billion during 9M-22, compared to SAR 9.70 billion in 9M-21.

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