Riyadh – Mubasher: National Building and Marketing Company obtained an Islamic tawarruq financing worth SAR 50 million from Riyad Bank on 28 December 2022.
The firm will use the proceeds of the funding to finance its working capital and back its current projects, according to a bourse disclosure.
The Sharia-compliant financing agreement is guaranteed by a promissory note and is valid for one year.
During the first nine months (9M) of 2022, National Building registered net profits after Zakat and tax worth SAR 50.19 million, an annual decline of 5.69% from SAR 53.22 million.
Revenues went up by 5.48% to SAR 486.93 million in 9M-22 from SAR 461.64 million in 9M-21, whereas the earnings per share (EPS) decreased to SAR 4.19 from SAR 4.44.
In September 2021, the Tadawul-listed company secured a SAR 100 million loan from Riyad Bank.
