Riyadh – Mubasher: Saudi Home Loans Company (SHL) renewed a Sharia-compliant credit facilities agreement with Arab National Bank (ANB) at an amount of SAR 2.05 billion.

The facility will be used to expand and increase the sales volume in line with the company's strategy and future vision, according to a bourse filing.

The loan is secured by a promissory note with the value of the facility in addition to an assignment of receivables to cover 105% of the outstanding balance of the facilities.

Meanwhile, the facility deal is valid from 8 July 2024 until 30 April 2025.

In the first quarter (Q1) of 2024, the net profits of SHL hiked by 88.63% to SAR 4.61 million from SAR 2.44 million a year earlier.