Riyadh – Mubasher: Tanmiah Food Company secured a new Long-term credit facility amounting to SAR 450 million from Banque Saudi Fransi on 19 December 2023.

Tanmiah will use the financing to back its strategic expansion plans, according to a bourse filing.

The facility deal, which is secured by a promissory, holds a seven-year duration period, starting from the first drawdown.

In the first nine months (9M) of 2023, Tanmiah logged net profits after Zakat and tax worth SAR 49.60 million, an annual drop of 21.89% from SAR 63.50 million.

Meanwhile, Banque Saudi Fransi posted 27.06% year-on-year (YoY) higher net profits at SAR 3.39 billion in 9M-23, compared to SAR 2.67 billion.