Riyadh – Mubasher: Al Gassim Investment Holding Co on Thursday announced the signing of a three-year agreement with Al Rajhi Bank for SAR 30 million in facilities.

The Islamic Sharia-compliant loan is guaranteed by a property mortgage and a promissory note, the company said in a bourse filing.

Al Gassim Investment will use the facility to finance its future projects.

The investment firm’s net profits plunged 94.3% to SAR 3.34 million for the full year of 2017, from SAR 58.56 million in 2016, while revenues tumbled 19.3%, reaching SAR 17.86 million in 2017, compared to SAR 22.13 million in the prior year.

Qassim Agriculture’s stock rose 1.3%, to close Thursday’s session at SAR 12.84.