Riyadh – Mubasher: Saudi Ceramic Company on Sunday announced signing a SAR 120 million ($32 million) murabaha financing agreement with the International Islamic Trade Finance Corporation (ITFC).

The 12-month financing deal, part of the export finance promotion initiative led by the Saudi Export Development Authority, aims to finance the company’s exports, according to a statement to the Saudi Stock Exchange (Tadawul).

During the full-year 2018, the Saudi firm reported a 127.3% year-on-year increase in losses, registering SAR 220.6 million ($58.83 million) from SAR 97.05 million ($25.88 million).

By 10:19 am Saudi time, Saudi Ceramic’s stock rose 1.11% to SAR 20.08.