Riyadh – Mubasher: Saudi Market Company, known as Farm Superstores Co, on Monday announced renewing a SAR 200 million sharia-compliant credit facility with Al Rajhi Bank.

The financing’s tenure extends from 14 January until 30 September, according to a statement to the Saudi Stock Exchange (Tadawul).

Farm Superstores further noted that the loan, which was obtained through a promissory note, aims to finance its operating capital.

Farm Superstores Co last reported a decrease of 55% in profits in the third quarter of 2018, reaching SAR 3.24 million, compared to SAR 7.21 million during the same period in the previous year.

From January to September 2018, the firm posted a decrease of 93% in profits to SAR 3.5 million from SAR 50.08 million in the prior-year period.

Farm Superstores Co’s stock levelled down 0.49% to close Monday’s trading session at SAR 16.34.