Riyadh – Mubasher: Mohammed Hasan Al Naqool Sons Company obtained a Sharia-compliant financing facility worth SAR 5.50 million from Al Amthal Financing Company on 7 December 2022.

Al Naqool will use the funding to finance its working capital and back its current projects, according to a bourse disclosure. 

The deal is secured by a real estate guarantee and is valid for four years. 

Last July, Al Naqool secured a SAR 15 million loan from the Saudi National Bank (SNB) to purchase new equipment and expand its production capacity.

In the first half (H1) of 2022, the Tadawul-listed firm logged net profits after Zakat and tax worth SAR 292,000, lower by 92.78% than SAR 4.04 million in the year-ago period.

Revenues edged down by 0.58% to SAR 23.11 million in H1-22 from SAR 23.24 million in H1-21, while the earnings per share (EPS) plummeted to SAR 0.10 from SAR 1.39.