Riyadh – Mubasher: Saudi Advanced Industries Co. (SAIC) on Wednesday announced repaying a SAR 25 million installment to the Saudi Investment Bank (SAIB) as part of its facilities before its maturity.
SAIC also stated that the deal’s financial impact will appear in the first quarter of 2019, according to a statement to the Saudi Stock Exchange (Tadawul).
In July, SAIC signed a SAR 50 million sharia-compliant credit facility with the Saudi lender.
SAIC last reported a 24.75% year-on-year growth in its net profits after calculating Zakat and Tax during the third quarter of 2018, registering SAR 12.25 million ($3.27 million), from SAR 9.82 million ($2.62 million).
In the first nine months of this year, the firm’s net profits after calculating Zakat and Tax jumped 49.4% to SAR 31.05 million, from SAR 20.78 million in the year-ago period.
SAIB last reported a 1.1% year-on-year profit hike during the third quarter of 2018, registering SAR 362 million, compared to SAR 358 million during Q3-17.
During the first nine months of 2018, SAIB’s profits levelled up 2.4% year-on-year to SAR 1.08 billion, compared to SAR 1.06 billion.
