Riyadh – Mubasher: Yamama Cement Company has received Sharia-aligned banking facilities over three tranches from Alinma Bank at a total value of SAR 800 million.
The largest long-term funding is worth SAR 500 million and holds a duration of 10 years, according to a bourse filing.
The second medium-term financing is valued at SAR 200 million, carrying an eight-year tenor.
Yamama Cement also obtained a revolving short-term credit facility worth SAR 100 million that holds a duration of 12 months.
The company noted that it obtained the funding on 27 March 2024 and all credit facilities are guaranteed by a promissory note.
The objective of the loans is to finance existing liabilities, capital expenditures, and working capital requirements to boost efficiency.
In 2023, the cement manufacturer generated net profits amounting to SAR 304.25 million in addition to sales worth SAR 935.19 million.
Meanwhile, the lender recently received a regulatory nod to raise its capital through bonus shares.