Tanmiah in Saudi Arabia secures $119.9 million in funding for expansion plans

Tanmiah Food Company secured a new SAR 450 million long-term credit facility from Banque Saudi Fransi on December 19, 2023.

The financing is intended to support Tanmiah’s strategic expansion plans, according to a bourse filing. The facility, secured by a promissory note, spans seven years, commencing from the first drawdown.

In the first nine months (9M) of 2023, Tanmiah reported net profits after Zakat and tax amounting to SAR 49.60 million, reflecting a 21.89% annual decline from SAR 63.50 million. Meanwhile, Banque Saudi Fransi recorded a 27.06% year-on-year increase in net profits, reaching SAR 3.39 billion in 9M-23, compared to SAR 2.67 billion