Riyadh – Mubasher: CATRION Catering Holding Company penned a Sharia-compliant credit facility agreement with Saudi Awwal Bank (SAB) at an amount of SAR 221 million
The company obtained the funding through its subsidiary CATRION Catering Services LLC on 16 September 2024, according to a bourse disclosure.
A total of SAR 209 million will be utilised for financing the ongoing Red Sea catering project execution, while the SAR 12 million is expected to be a value added tax during construction.
The loan holds a tenor of 15 and a half years, including a grace period of the first 13 and a half months for the project financing.
The financing agreement is secured by a debt service undertaking from the listed group and a promissory note from CATRION Catering Services.
In the first half (H1) of 2024, the Tadawul-listed company posted 19.48% higher net profits at SAR 144.41 million, compared to SAR 120.85 million in H1-23.
Meanwhile, SAB logged net profits valued at SAR 4.06 billion as of 30 June 2024, up 22.54% year-on-year (YoY) from SAR 3.31 billion.
