Saudi: Zahrat Al Waha extends $16mln facility deal with Alinma Bank

PHOTO

Riyadh – Zahrat Al Waha for Trading Company renewed a Sharia-compliant facility worth SAR 60 million with Alinma Bank, according to a bourse disclosure.

The Saudi firm will use the loan, which is secured by order notes worth the total value of the facilities, to open letters of credit (LCs) and purchase raw materials.

Meanwhile, the financing is valid from 19 January 2023 to 31 October 2023.

Zahrat Al Waha extended the limit for opening short-term credits and facilities to finance its working capital with the same amount.

Last year, the company renewed its SAR 115.57 million facility deal with Saudi Investment Bank (SAIB).

In the first nine months (9M) of 2022, Zahrat Al Waha reported net profits after Zakat and tax worth SAR 10.33 million, an annual plunge of 76.54% from SAR 44.07 million.

Revenues surged by 24.35% to SAR 507.60 million in 9M-22 from SAR 408.21 million in 9M-21, whereas the earnings per share (EPS) retreated to SAR 0.46 from SAR 1.96.