Islamic Finance

Saudi German Hospitals signs 350 mln riyals Islamic financing with Emirates NBD, AlBilad Bank

The Middle East Healthcare Company, which trades as Saudi German Hospitals on Tadawul, signed two separate Shariah-compliant financing facilities with Emirates NBD and AlBilad Bank.

The company will borrow 200 million Saudi riyals from AlBilad Bank and 150 million riyals from Emirates NBD, it reported in exchange filings on Wednesday.

The facility from AlBilad will be available until September 24, 2020. Half of it will go towards the company’s working capital needs and the other 100 million riyals will be used to purchase operational equipment.

The working capital part of the financing is repayable in one instalment after nine months from date of use, and the loan for the operational equipment is repayable in quarterly instalments over five years.

The 150 million riyals from Emirates NBD is a revolving facility that will be channelled to finance working capital.

Saudi German Hospitals reported net profit after zakat and tax of 12.28 million riyals ($3.27 million) for the three months ending June 30, a plunge of 64.166 per cent compared to the same period in 2018.

($1 = 3.75 Saudi riyals)

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