Riyadh – Mubasher: Saudi Arabia’s Filing and Packing Materials Manufacturing Company (FIPCO) on Sunday has revealed adding SAR 15 million to the loan which was obtained via Riyad Bank, making its value reach SAR 38 million, compared to SAR 23 million.

FIPCO and Riyad Bank also agreed to amend the credit limits of the short-term loan, to hit SR 25 million, according to a bourse statement.

“The total credit facility limits became SAR 66 million instead of SAR 51 million, with an increase of SAR 15 million, with same previously announced terms and conditions,” FIPCO’s statement to the Saudi Stock Exchange (Tadawul) added.

On Thursday, 7 March, FIPCO reported turning to loss during the full-year 2018, reaching SAR 3.1 million, against logging SAR 5.2 million profits during 2017.

In January, Riyad Bank announced achieving a 19.5% growth in net profits, to SAR 4.71 billion during 2018, from SAR 3.94 billion in 2017.

FIPCO’s stock levelled down 0.45% to finish Sunday at SAR 33.20, while the stock of Riyad Bank edged down 0.09%, closing the session at SAR 22.98.