Al Moammar Information Systems (MIS) has announced the renewal and amendment of a credit facility agreement in compliance with the provisions of Islamic Sharia with Gulf International Bank - Saudi Arabia (an Islamic financing agreement).
MIS said in a statement to the Saudi market (Tadawul), today, Sunday, that the facilities are worth 150 million riyals, with a financing period of approximately 8 months, until the date of June 27, 2023.
MIS clarified that the guarantees provided against the financing and credit facilities are secured by a promissory note of the value of the facilities.
MIS stated that the purpose of the above-mentioned funds is to finance new project contracts and issue letters of credit and guarantee.
The profits of (MIS) rose by 69.2% in the third quarter of this year, to reach 25.09 million riyals, compared to profits of about 14.83 million riyals in the same period last year.
The company's profits in the first nine months of this year increased by 23.6% to reach 46.53 million riyals, compared to 37.65 million riyals in the same period in 2021.
