Riyadh – Mubasher: Saudi Arabia-based Abdullah Abdul Mohsen Al Khodari Sons Company on Tuesday said it has renewed a SAR 345 million sharia-compliant loan with Alawwal Bank.

The facility, guaranteed through a promissory note, is renewed for one year, according to a statement to the Saudi Stock Exchange (Tadawul).

Al Khodari stated that the loan will be allocated for expansions and funding its operating capital.

This facility includes 61% as murabaha financing, in addition to 39% multi bonds.

 Al Khodari last reported incurring SAR 25.96 million losses during the third quarter of 2018, down 241% from SAR 7.62 million in Q3-17.

From January to September 2018, the firm suffered a net loss of SAR 24.054 million after calculating Zakat and Tax, logging a drop of 35.33% from SAR 37.199 million in the corresponding period during 2017.

Alawwal Bank posted a 23% year-on-year profit decline in the third quarter of 2018, reaching SAR 281 million, compared to SAR 363 million.

During the first nine months of 2018, the Saudi lender’s profits slid 19% to SAR 820.6 million, from SAR 1.1 billion in the same period a year earlier.

Abdullah Abdul Mohsen Al Khodari Sons Company’s stock inched up 0.29% to SAR 7.02, while Alawwal Bank’s stock rose 0.25%, to finish at SAR 16.12.