Saudi: Advanced Petrochemical secures $586.6mln loan from Alawwal Bank

Reuters Images/Ahmed Yosri

The Saudi firm will use the proceeds of the loan to pay back the existing credit facilities and finance general corporate purposes, according to a bourse disclosure

Staff Writer, Mubasher

May 29, 2023

PHOTO

Advanced Petrochemical Company obtained Sharia-compliant financing valued at SAR 2.20 billion from Alawwal Bank on 28 May 2023.

The Saudi firm will use the proceeds of the loan to pay back the existing credit facilities and finance general corporate purposes, according to a bourse disclosure.

The facility deal, which holds a five-year duration period, is secured by promissory notes.

In the first quarter (Q1) of 2023, Advanced Petrochemical posted 73.78% lower net profits after Zakat and tax at SAR 43 million, compared to SAR 164 million in Q1-22.

Revenues plummeted by 27.60% to SAR 627 million in Q1-23 from SAR 866 million, while the earnings per share (EPS) dropped to SAR 0.17 from SAR 0.63.

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