Riyadh – Mubasher: Modern Mills for Food Products Company inked a Murabaha financing agreement with The Saudi National Bank (SNB), on 8 October 2024, at a value of SAR 871 million.
The facility deal aims to settle existing Alinma Bank debt, support the company’s future expansion plans, and reinforce its working capital requirements with favourable terms and better interest rates.
The agreement holds an initial tenor of 14 years and three months and is secured by a loan guarantee under promissory notes, according to a bourse disclosure.
In the first half (H1) of 2024, Modern Mills posted 4.04% higher net profits at SAR 109.49 million, compared to SAR 105.23 million in H1-23.
Meanwhile, SNB logged net profits valued at SAR 10.27 billion, up year-on-year (YoY) from SAR 10.03 billion.
