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SASCO obtains SAR 280m loan from Riyad Bank

SASCO obtains SAR 280m loan from Riyad Bank
The period of short-term financing is extended to 180 days
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Riyadh – Mubasher: Saudi Automotive Services Company (SASCO) has signed a SAR 280 million sharia-compliant loan agreement with Riyad Bank.

The facility includes SAR 150 million long-term financing, a SAR 100 million short-term loan, and SAR 30 million that represent letters of government retention guarantee, according to a statement to the Saudi Stock Exchange (Tadawul).

The period of the short-term financing is extended to 180 days, while the long-term financing is extended to seven years from the disbursement date.

The facility is guaranteed through a promissory note at a value of SAR 330 million, the statement added.

SASCO further noted that it will allocate this amount to implement more expansion, purchase new sites for building fuel stations, and finance its operating capital.

SASCO last reported a 17.94% year-on-year profit rise for the full-year 2018, logging SAR 35.08 million earnings after calculating Zakat and Tax, compared to SAR 29.82 million.

Riyad Bank posted a 19.5% rise in net profits, reaching SAR 4.71 billion during 2018, from SAR 3.94 billion in 2017.

SASCO’s stock levelled down 0.73% to SAR 16.42, while Riyad Bank’s stock rose 0.45%, reaching SAR 22.56 by the end of Monday’s trading session.