Riyadh - Mubasher: Middle East Paper Company (Mepco) announced yesterday that it signed a SAR 360 million Islamic credit facility agreement with Banque Saudi Fransi (BSF), for five years.

This is the third financing agreement in the last five months, as the company signed a SAR 115 million Sharia-compliant credit facility deal with Al Rajhi Bank on 1 December, for 5 years funding period.

Mepco signed also a renewal contract for the Islamic credit facility agreement with Alinma Bank, on 18 October 2015, with a financing value of SAR 100 million, extending from 14 September 2015 to 30 November 2016.

The company’s FY15 net profit reached SAR 55 million, compared to SAR 111.3 million a year earlier, down 51%.

Mepco stock rose yesterday by 2.48% to close at SAR 17.35.