Saudi Industrial Export has signed a credit facility agreement (Shariah-compliant) worth 106 million Saudi riyals ($28.26 million) with Alinma Bank.

The credit facility duration is 6 months, the company said in a statement on Tadawul.

The purpose of the loan is to strengthen and finance company deals, as well as import and export operations in regional markets.

Saudi Industrial Export reported a Q1 2020 net profit after zakat and tax of 0.2 million Saudi riyals, compared to a net loss of 8.5 million Saudi riyals in Q1 2019.

Revenue for Q1 2020 stood at 11.3 million Saudi riyals, compared to 18.22 million Saudi riyals in Q1 2019.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

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