Saudi-listed SHL Finance Company has secured a loan worth SAR 300 million ($80 million) from Al Rajhi Bank.

The five-year Shariah-compliant credit facility will support SHL’s strategy to boost revenues. 

“The purpose of signing this facility is to expand and increase the company’s sales volume through new originated loans,” SHL said.

The company, which provides real estate, consumer and SME financing, posted a net profit of SAR 11.928 million in the second quarter of the year, nearly doubling the net earnings a year ago.

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