Riyadh – Mubasher: Saudi Market Company, known as Farm Superstores Co, has renewed a SAR 124.67 million ($33.25 million) loan agreement with the National Bank of Kuwait (NBK).

The funding’s period will last from 12 August 2018 until 31 May 2019, according to a statement on Wednesday to the Saudi Stock Exchange (Tadawul).

Farm Superstores obtained the facility through a promissory note.

The loan aims to finance new branches’ expenses and the firm’s working capital.

Farm Superstores last reported a loss of SAR 11.86 million in the second quarter of 2018, against a net profit of SAR 20.35 million during Q2-17.

Farm Superstores Co’s profits slumped 99.4%, reaching SAR 264,000 in H1-18, compared to SAR 42.87 million during H1-17.

The Saudi firm’s stock inched up 0.23% to close Wednesday’s trading session at SAR 17.32.