The listed company will use the financing to boost its working capital, according to a bourse filing.
The facility deal is valid until the end of October 2024 and is renewable on an annual basis. It is secured by a promissory note with the amount of the total loan limit.
In the first nine months (9M) of 2023, Halwani Bros incurred net losses after Zakat and tax worth SAR 70.60 million, an annual leap of 1,284.31% from SAR 5.10 million.
During the January-September 2023 period, the listed lender logged 27.06% higher net profits at SAR 3.39 billion, compared to SAR 2.67 billion in 9M-22.