Riyadh – Mubasher:  Zahrat Al Waha for Trading Company has extended its Sharia-compliant facility deal with Saudi National Bank (SNB) at a value of SAR 60 million.

The firm will use the proceeds of the loan to purchase raw materials, according to a bourse disclosure.

Meanwhile, the financing agreement is secured by order notes with the total facility value.

The facility deal, which was initially signed in March 2022, holds a duration period from 6 June 2023 to 28 February 2024.

In the first quarter (Q1) of 2023, Zahrat Al Waha logged net profits after Zakat and tax amounting to SAR 1.92 million, an annual plunge of 67.42% from SAR 5.90 million.

Revenues grew by 3.26% to SAR 156.78 million in Q1-23 from SAR 151.83 million, where the earnings per share (EPS) declined to SAR 0.09 from SAR 0.26.