Saudi: Al Jouf Cement obtains $40mln loan from Al Rajhi Bank

The Saudi company will use the loan to repay part of an existing financing and support its operations during the coming period, according to a bourse disclosure

Staff Writer, Mubasher

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Al Jouf Cement Company penned a credit facilities agreement valued at SAR 150 million with Al Rajhi Bank on 19 August 2024.

The Saudi company will use the loan to repay part of an existing financing and support its operations during the coming period, according to a bourse disclosure.

Holding a tenor of eight years including one year grace period, the financing deal is secured by a promissory note and mortgaging part of the company's assets.

In the first half (H1) of 2024, the net profits of Al Jouf Cement hiked by 43.33% to SAR 20.57 million from SAR 14.35 million in H1-23.

Meanwhile, Al Rajhi Bank posted 9.74% year-on-year (YoY) higher profits at SAR 9.10 billion in H1-24.

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