Saudi Home Loans Company (SHL) and Arab National Bank (ANB) have extended their $546.5 million (Dh2 billion) Sharia-compliant credit facilities agreement.
The facility intends to support SHL’s expansion plans and boost sales volume in line with the company’s strategic goals and future vision, according to a disclosure made on the stock exchange.
In addition to an assignment of receivables covering 105% of the outstanding balance of the facilities, the loan is secured by a promissory note equal to the value of the facility.
The term of this facility agreement is July 8, 2024, to April 30, 2025.
SHL announced a notable rise in net profits for the first quarter of 2024, with net profits rising to $1.2 million (Dh4.4 million) from $650,40 (Dh2.3 million) during the same period the year before by 88.63 percent.