Riyadh – Al Hammadi Company for Development and Investment has obtained a Sharia-compliant loan from Arab National Bank (ANB) at a total value of SAR 365 million.

The loan duration is seven years starting from 17 April this year, with a three-year grace period, according to a recent bourse filing.

Secured by order notes, the financing transaction aims to endorse the Saudi listed company’s future expansions.

In 2021, Al Hammadi logged net profits after Zakat and tax worth SAR 90.09 million, a 31.13% year-on-year (YoY) drop from SAR 130.83 million.

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