Saudi Arabia’s Najran Cement Co has obtained Sharia-compliant financing of SAR328.5m (US$87.6m) from Al Rajhi Bank.

The loan will be repaid within seven years in semi-annual instalments with a six-month grace period, according to a bourse filing on 31 May. While the long-term financing will fully settle the company’s sole existing long-term loan, the funding also includes a SAR50m short-term facility to support the group’s capital.

In the 1Q22 Najran Cement generated SAR23.28m in net profit after zakat and tax, down 61.4 per cent YoY.