Riyadh –  Najran Cement Company has obtained Sharia-compliant financing worth SAR 328.50 million from Al Rajhi Bank.

The loan comprises a SAR 278.50 million long-term financing that will be repaid within seven years in semi-annual installments with a six-month grace period, according to a bourse filing on Tuesday.

The long-term financing will fully settle the only existing long-term loan.

In addition, the funding includes a SAR 50 million short-term facility which will support the company’s capital.

Meanwhile, the Saudi listed firm pointed out that the facility will be guaranteed by a promissory note covering the loan’s total value.

It is worth noting that during the first quarter (Q1) of 2022, Najran Cement generated SAR 23.28 million in net profit after Zakat and tax, a plunge of 61.41% from SAR 60.34 million in Q1-21.

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