Riyadh – Mubasher: Jubail United Petrochemical Co, a 75% subsidiary of the Saudi Basic Industries Corporation (SABIC), has signed a sharia-compliant SAR 1.13 billion ($300 million) loan agreement with Bank Albilad.
This facility is part of the bank’s strategy to provide financial solutions to micro-, small-, medium- and large-scale enterprises, according to a statement released on Sunday.
The loan will also help in achieving the goals of promoting petrochemicals and local industries sector, which are part of Saudi Vision 2030, Bank Albilad’s CEO Abdulaziz Alonaizan said.
Bank Albilad last reported a 15.6% year-on-year profit increase for the third quarter of 2018, logging SAR 287 million, compared to SAR 248.1 million.
From January to September, Bank Albilad’s profits went up 14.3% to SAR 819 million, from SAR 716.2 million in the same period last year.
SABIC last reported SAR 18.3 billion net profits in the first nine months of this year, up from SAR 14.73 billion a year earlier.
As for the third quarter of 2018, the mega Saudi company logged a net profit after zakat and tax of SAR 6.1 billion, up 5.35% year-on-year from SAR 5.79 billion.
