Riyadh – Mubasher: Jubail Chemical Industries Company (JANA), a subsidiary of Nama Chemicals Company, penned a short-term Murabaha facility agreement with Saudi Export-Import Bank (EXIM).
JANA obtained SAR 35 million from the lender, on 3 April 2024, to finance its working capital, according to a bourse disclosure.
The facility deal is secured by a promissory note and is valid until 9 October, which can be extended.
During the January-December 2023 period, Nama Chemicals turned to net losses valued at SAR 152.43 million, compared to net profits of SAR 37.01 million a year earlier.
Revenues declined by 22.86% to SAR 445.24 million last year from SAR 577.21 million in 2022.
The accumulated losses hit SAR 1.50 million as of 31 December 2023, representing 0.64% of the company’s capital.
