Riyadh – Mubasher: The Saudi Paper Manufacturing Company inked an agreement with Arab Banking Corporation (Bank ABC) to provide credit facilities valued at EUR 24.90 million, according to a bourse filing.
In line with its strategy and growth plans, the firm obtained the loan, on 7 January 2024, to finance new projects and support its cash liquidity to cover the required working capital for operations.
The Tadawul-listed company indicated that the loan, which is valid for five years, is secured by SACE Italian ECA Insurance and order notes.
In the first nine months (9M) of 2023, the net profits after Zakat and tax of Saudi Paper jumped by 28.47% year-on-year (YoY) to SAR 52.12 million from SAR 40.57 million.
Revenues increased by 22.35% to SAR 614.95 million in 9M-23 from SAR 502.62 million a year earlier, while the earnings per share (EPS) rose to SAR 1.55 from SAR 1.47.
