Watani Iron Steel Company has renewed and amended a Sharia-compliant credit facility agreement worth SAR 60 million with Bank Albilad.
The loan aims to finance the steel company’s working capital, according to a bourse disclosure on Sunday.
The loan term began on 7 September 2022 and will end on 1 September 2023. The facility agreement is secured by a promissory note with the value of the facilities in favor of the bank.
Furthermore, Watani Iron Steel renewed a short-term SAR 60 million credit facility agreement to finance its working capital, with a lower profit rate for the current year, compared to a year earlier, whilst maintaining a promissory note with the value of the facilities in favor of the bank only.
During the first half (H1) of 2022, Bank Albilad recorded net profits worth SAR 1 billion, an annual jump of 23.80% from SAR 808.80 million.