Riyadh – Mubasher:  Almarai Company has started the offering of its USD-denominated trust certificates at a par value of $200,000 under the $2 billion Trust Certificate Issuance Programme.

Holding a tenor of 10 years, the offering will take place during 18-19 July 2023, according to a bourse disclosure.

Almarai assigned Citigroup, Dubai Islamic Bank (DIB), HSBC, J.P. Morgan, and Standard Chartered Bank as joint lead managers for the purposes of the offering.

The listed firm highlighted that the number and value of the issuance will be determined at a later time in accordance with the market conditions.

In the first half (H1) of 2023, Almarai recorded 26.71% higher net profits after Zakat and tax at SAR 1.19 billion, compared to SAR 940.81 million in H1-22.

Revenues increased by 8.17% to SAR 9.85 billion in H1-23 from SAR 9.11 billion as of 30 June 2022, while the earnings per share (EPS) jumped to SAR 1.21 from SAR 0.96.