Riyadh – Mubasher: The Power and Water Utility Company for Jubail and Yanbu (Marafiq) signed bilateral agreements to reschedule its existing Islamic loans at a combined value of SAR 5.90 billion.
The deal includes extending the previously agreed payment grace period by an additional three years with repayment commencing on June 2028 instead of June 2025, while maintaining the original financing period which concludes on December 2034.
These rescheduling agreements aim to support Marafiq’s financial position and improve cash flows, which will contribute to the achievement of the company's strategic objectives.
Marafiq inked the extension deal with Banque Saudi Fransi, Saudi Awwal Bank (SAB), and Saudi National Bank (SNB) on 24 November 2024.
In the nine-month period that ended on 31 March 2024, the Saudi company recorded net profits valued at SAR 294.12 million, down 35.23% year-on-year (YoY) from SAR 454.16 million.
