Riyadh – Mubasher: Waja Company secured a Sharia-compliant financing agreement worth SAR 16 million from Alinma Bank, according to a bourse disclosure.

The company obtained the one-year funding on 30 December 2024 to finance letters of credit as well as different Islamic bank guarantees and Tawarruq.

Waja noted that the financing is secured by a promissory note from the company.

It is worth noting that during the first nine months (9M) of 2024, Alinma Bank registered strong financial performance after recording a 22.27% rise in net profit to SAR 4.30 billion. During the same period, customer deposits grew by 16.03%, while total assets increased by 14.78%.

Meanwhile, according to the latest financial results on the Saudi Exchange (Tadawul), Waja reported a net profit of SAR 7.44 million in the first half (H1) of 2024. Additionally, the revenues surged by 137.25% to SAR 97.29 million in H1-24 compared with SAR 41 million in H1-23.