Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) has secured a short-term SAR 200 million ($53.3 million) loan from Saudi National Bank.
The nine-month Shariah-compliant credit facility will help the pharmaceuticals firm fund its operations, including the purchase of raw materials, it said on Monday.
The company had nearly doubled its net profit for the second quarter of the year to SAR 36 million from SAR 18.1 million. Revenues also went up by 7.3% to SAR 400.8 million over the same period.
