Riyadh – Mubasher: Saudi Arabia-based Filing and Packing Materials Manufacturing Company (FIPCO) has signed a contract with Bank Albilad to secure a SAR 30 million sharia-compliant loan on Sunday.

FIPCO will use the one-year loan secured by a promissory note to finance its working capital and its subsidiary, according to a statement to the Saudi Stock Exchange (Tadawul) on Monday. 

FIPCO last reported a 54.17% profit surge, registering SAR 740,000 during the second quarter of 2018, from SAR 480,000 in Q2-17, whereas profits plunged 49.73%, reaching SAR 1.89 million during H1-18, compared to SAR 3.76 million in H1-17.

FIPCO’s stock inched up 0.81% to close Sunday's trading session at SAR 37.20