Riyadh – Mubasher: National Shipping Company of Saudi Arabia (Bahri) inked a Murabaha financing agreement with Alinma Bank at a value of $756 million (SAR 2.83 billion).
The two parties inked the 10-year deal on 16 October 2024, according to a bourse disclosure.
The loan will be used for mortgaging the purchased very large crude carriers (VLCCs) and financing approximately 70% of the purchase value for acquiring nine VLCCs, that was announced in August.
In the first half (H1) of 2024, Bahri logged 20.06% year-on-year (YoY) higher net profits at SAR 1.18 billion, compared to SAR 987.87 million.
Alinma Bank generated SAR 2.73 billion in net profit during the January-June 2024 period, an annual rise of 24.43% from SAR 2.19 billion.