Saudi's Al Moammar Information Systems signs $77mln Islamic loan

The revolving facility will be renewable every year

  

Saudi Arabia’s Al Moammar Information Systems (MIS) signed an Islamic facility agreement with Riyad Bank for 290 million Saudi riyals ($77.15 million).

The Tadawul-listed company said in a statement that the revolving facility will be renewable every year.

MIS’s listing on Tadawul last year marked the first listing for a company from the IT sector on the Saudi bourse.

The company reported a net profit after zakat and tax of 76 million riyals in 2019, compared to 64.5 million riyals in 2018.

Revenues rose to 997.5 million riyals last year, compared to 886.2 million riyals in 2018.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#SAUDI #RIYADBANK #ISLAMICFINANCE

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