Riyadh – Mubasher: Etihad Etisalat Company (Mobily) inked a Murabaha financing agreement with the Saudi National Bank (SNB) at a total value of SAR 4.80 billion for seven years.

The Tadawul-listed firm secured the loan, on 17 January 2024, to finance its working capital, according to a bourse statement.

Mobily will use SAR 3.68 billion from the loan to facilitate the partial refinancing of its existing syndicated Murabaha amounting to SAR 5.33 billion.

The company highlighted that the facility deal does not include any mortgages or financial guarantees.

In the first nine months (9M) of 2023, Mobily recorded net profits after Zakat and tax valued at SAR 1.48 billion, higher by 41.39% than SAR 1.05 billion a year earlier.

SNB generated SAR 15.04 billion in net profit as of 30 September 2023, up 8.92% year-on-year (YoY) from SAR 13.81 billion.