Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company has been granted Sharia-compliant financing worth SAR 314.70 million from Al Rajhi Bank.

Through the three-year financing, the company will support projects to improve water networks in Saudi Arabia's Dammam, according to a bourse filing on Thursday.

The financing is guaranteed by promissory notes.

It is noteworthy to mention that in the first quarter (Q1) of 2022, the company's net profits after Zakat and tax decreased by 6.05% to SAR 25.30 million, compared to SAR 26.93 million in the year-ago period.