Arriyadh Development's unit repays credit facilities

Arriyadh Development Company has no obligations related to this loan

  
An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser
Riyadh – Mubasher: Tanal Investment and Real Estate Development Company, a subsidiary of Arriyadh Development Company, has paid off a SAR 800 million loan granted from a bank in Saudi Arabia in an early repayment.

Arriyadh Development Company has no obligations related to this loan, according to a bourse filing on Wednesday.

In June 2019, the company secured the three-year credit facilities to pay the obligations of the first Riyadh Al-Taamar Real Estate Fund, complete the remaining infrastructure works for the land of Al-Thumama, and establish the Riyadh Construction Company.

It is noteworthy to mention that during the third quarter (Q3) of 2021, the company achieved net profits after Zakat and tax worth SAR 70.8 million, up 28.4% from SAR 55.1 million in Q3-20.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services