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A man leaves an automated teller machine (ATM) outside Alinma Bank in Riyadh, Saudi Arabia, April 25, 2016.
Saudi Advanced Industries Company (SAIC) has secured a SAR 100 million ($26.7 million) Shariah-compliant credit facility with Alinma Bank.
The one-year financing will be used to expand SAIC’s investments, said the investment holding company, which has interests in various industries, including petrochemicals, financial services, aviation and glass.
The company posted a net profit of SAR 285.2 million for the first nine months of 2024, up by 156% from a year ago, according to its latest financial results. Net profit for the third quarter of the year, however, dropped by 37% year-on-year to SAR 67.9 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
