Riyadh – Mubasher: Al Jouf Agricultural Development Company penned a Sharia-compliant financing facility agreement worth SAR 40 million with Banque Saudi Fransi, according to a bourse disclosure.

The firm will use the loan to refinance letters of credit and issue letters of guarantee, in addition to restructuring its bank facilities.

Meanwhile, the deal is secured by an order note and is valid for one year until 30 November 2022.

Al Jouf Agricultural obtained the funding on 30 October 2022.

It is worth noting that in the first nine months (9M) of 2022, Banque Saudi Fransi registered net profits worth SAR 2.67 billion, an annual growth of 8.75% from SAR 2.45 billion.

Earnings per share (EPS) increased to SAR 2.08 in 9M-22 from SAR 1.92 in 9M-21.