Saudi-based Middle East Paper Co. (MEPCO) said it renewed a Shariah-compliant bank facility agreement worth 93 million riyals ($25 million) with Samba Financial Group.

In a statement to Tadawul on Monday, the company said the revolving credit facility, secured by a promissory note in favor of the bank, will be used as working capital and to fund the purchase of spare parts. 

The company on Tuesday posted a net profit 15.1 million riyals for 2020, compared to a net loss of 27.9 million riyals in the year-earlier period.

(Writing by Brinda Darasha; editing by Daniel Luiz)

brinda.darasha@refinitiv.com

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