Aljouf Cement reschedules $41mln Islamic facilities with Saudi Awwal Bank

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Aljouf Cement Company has signed an agreement with Saudi Awwal Bank (SAB) to reschedule SAR 154.45 million Islamic facilities to support its operations.

The company signed the agreement on 24 July 2024 for seven years ending in 2031, including a two-year grace period, according to a bourse filing.

Guarantees offered for the rescheduled financing include promissory note and mortgage of portion of its assets.

Aljouf Cement Company has signed an agreement with Alinma Bank to reschedule Islamic facilities to support the cement manufacturer’s operations.

It is worth highlighting that in the first quarter (Q1) of 2024, the cement manufacturer achieved net profits worth SAR 12.45 million while the Saudi lender Alinma Bank generated SAR 1.31 billion.