Banan Real Estate obtains $13.33mln loan from Riyad Bank

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Riyadh – Banan Real Estate Company signed a credit facilities agreement valued at SAR 50 million with Riyad Bank on 19 August 2024.

The Saudi company will use the five-year financing to expand business activities, according to a bourse disclosure.

Meanwhile, the loan is secured by a promissory note in addition to the continued mortgage of some previously mortgaged properties.

In June, Banan Real Estate submitted a request to transfer its shares to the main market of the Saudi Exchange (Tadawul).

During the first half (H1) of 2024, the company’s net profits hiked by 45.21% to SAR 20.05 million from SAR 13.81 million in H1-23. Revenues jumped by 83.63% to SAR 59.52 million from SAR 32.41 million.