13
Oct
14:11
Watani renews bank facility for working capital purposes
Riyadh-based long steel producer Watani Iron Steel Company (WISC) has renewed its SAR 25 million ($6.7m) Sharia-compliant bank facility with Alinma Bank.
The facility runs through August 2024 and will be used for working capital purposes. It is secured by a promissory note with the value of the facilities in favour of the bank.
Watani posted a 48.7% year-on-year decline in first-half-year revenue to SAR 159.6m, while net profit plunged 95.2% to SAR 1.23m. The sta…
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Very good overview of the weekly steel market.
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