Riyadh - Mubasher: Jazan Development Company (Jazadco) has signed on Sunday a credit facility agreement with Al Rajhi Bank, with a total value of SAR 40 million.

The company said in a statement to the Saudi Stock Exchange (Tadawul) that the five-year deal will end on 13 August 2022.

Jazadco reported a slight increase in net profits by 1.3% in the second quarter of 2017, as profits totalled EGP 3.66 million, compared to SAR 3.62 million for the same period last year, and against losses of SAR 1.7 million in Q1-17.