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Yamama Cement obtains SAR 863m loan from Al Rajhi Bank

Yamama Cement obtains SAR 863m loan from Al Rajhi Bank
The loan includes a SAR 300 million facility to finance working capital
YSCC
3020
3.79% 30.10 1.10

Riyadh – Mubasher: Yamama Cement Company has signed a Sharia-compliant financing agreement with Al Rajhi Bank with a total value of SAR 863 million, including a SAR 563 million long-term facility and SAR 300 million in short-term financing.

The long-term financing is over a period of five years, with the aim of settling other banks ’obligations and improving financial efficiency, while the short-term facility is for one year to finance Yamama Cement’s working capital, according to the company’s disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.

Last year, Yamama Cement achieved a 41.7% growth in net profits to SAR 363.3 million, compared with SAR 256.3 million in 2019.