Riyadh- Mubasher: Saudi Advanced Industries Company (SAIC) has renewed a Sharia-compliant credit facility agreement with Al Rajhi Capital, the asset management arm of the listed Al Rajhi Bank.
SAIC obtained the SAR 100 million funding on 11 July 2024 after extending it for one year, according to a bourse disclosure.
Through this financing, the listed company aims to expand its investments.
Meanwhile, the guarantee offered for the credit facility is mortgaging part of the investment portfolio assets equivalent to the funding value.
According to estimated interim financial results for the first half (H1) of 2024, SAIC achieved net profits worth SAR 217.40 million and revenues standing at SAR 240.78 million.
Meanwhile, the Saudi lending institution Al Rajhi Bank posted SAR 4.40 billion in net profit during the first quarter (Q1).
