Riyadh – The transportation subsidiary of Najran Cement Company obtained a Sharia-compliant facility worth SAR 85 million from Al Rajhi Bank on 13 March 2023, according to a bourse disclosure.

The six-year financing is secured by a promissory note that covers the full exposure granted by the subsidiary.

Najran Cement also provided a corporate guarantee with the value of the total loan limit in favour of Al Rajhi Bank.

Meanwhile, the transportation unit will use the facility to endorse its core business activities.

In 2022, the Tadawul-listed firm logged net profits after Zakat and tax of SAR 113.74 million, down 31.29% from SAR 165.54 million in 2021.

The Saudi lender generated SAR 17.15 billion in net profit last year, higher by 16.31% than SAR 14.74 billion in the January-December 2021 period.

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