Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company obtained a Sharia-compliant banking facility valued at SAR 275 million from Bank Albilad on 27 May.

The financing deal, which is secured by a promissory note, is valid till 5 March 2025, according to a bourse disclosure.

Alkhorayef Water recently announced a 40% capital hike to SAR 350 million from SAR 250 million to strengthen its financial position in line with its strategic objectives.

In the first quarter (Q1) of 2024, the company logged net profits amounting to SAR 43.06 million, higher by 31.57% year-on-year (YoY) than SAR 32.72 million.

Meanwhile, the net profits of Bank Albilad jumped by 14.85% YoY to SAR 643.10 million in Q1-24 from SAR 559.90 million.