Riyadh – Mubasher: Middle East Paper Co (MEPCO) on Sunday has announced securing SAR 101 million Sharia-compliant facility from Riyad Bank.

The loan is revolving, and it will be subject for renewal on 23 January of each year, according to MEPCO’s statement to the Saudi Stock Exchange (Tadawul).

The Saudi paper firm further noted that the facility is guaranteed via a promissory note which its value is equivalent to the loan’s amount.

MEPCO stated that the facility will be used for financing the operating capital and achieving business demands.

Earlier on Sunday, MEPCO reported a 46% profit rise in 2018, to SAR 99.44 million, from SAR 68.13 million ($18.15 million) during 2017.

During January, Riyad Bank reported a 19.5% rise in net profits, reaching SAR 4.71 billion last year, compared to SAR 3.94 billion during 2017.

MEPCO’s stock decreased 1.62%, while Riyad Bank’s inched down 0.09% to close Sunday’s trading session at SAR 20.60, and SAR 22.98, respectively.