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

The financing amount and rescheduled part financing value totals SAR 374 million, according to a bourse filing.

The two sides penned the agreement on 23 July 2024, extending the duration to end in 2031 instead of 2029, including a two-year grace period.

Aljouf Cement noted that the guarantees offered for the rescheduled financing are a promissory note and mortgage of a portion of its assets.

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.

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