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Saudi Parts Center obtains SAR 30m loan from SAIB

Saudi Parts Center obtains SAR 30m loan from SAIB
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Riyadh – Mubasher: Saudi Parts Center Company has signed a Sharia-compliant credit facility agreement worth SAR 30 million with Saudi Investment Bank (SAIB).

The company obtained the loan on 26 September 2022 to purchase materials and finance its working capital, according to a recent bourse filing.

Valid until 30 July 2023, the facility deal is secured by a promissory note worth the loan’s total value.

Last March, Saudi Parts Center’s board agreed to establish a wholly-owned limited liability subsidiary firm with a SAR 100,000 capital.

In the first half (H1) of 2022, the listed firm reported net profits after Zakat and tax worth SAR 2.84 million, up 0.78% from SAR 2.81 million during the same period a year earlier. Revenues surged by 15.73% to SAR 44.35 million in H1-22 from SAR 38.32 million in H1-21.

Meanwhile, SAIB generated net profits of SAR 607.70 million in January-June 2022, an annual jump of 21.22% from SAR 501.30 million.