Nama Chemicals turns to loss of SAR 45.2 mln in H1 2023; Q2 at SAR 26.3 mln

13/08/2023 Argaam Exclusive

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Nama Chemicals Co.
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Nama Chemicals Co. (NAMA CHEMICALS)

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Nama Chemicals Co. swung to a net loss of SAR 45.2 million in H1 2023 from a profit of SAR 60.1 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 327.70 255.19 (22.1 %)
Gross Income 103.42 (0.50) (100.5 %)
Operating Income 63.60 (37.38) (158.8 %)
Net Income 60.08 (45.16) (175.2 %)
Average Shares 23.52 23.52 -
EPS (Riyals) 2.55 (1.92) (175.2 %)

Revenues fell by 22% year-on-year (YoY) due to the sharp decline in average selling prices of products as a result of global economic conditions, despite an increase of 23% in the quantities sold during the period.

 

Meanwhile, selling and marketing expenses decreased due to low shipping costs compared to last year.

 

Financing costs also increased by SAR 163,000 as a result of higher interest rates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 154.89 124.13 (19.9 %)
Gross Income 51.38 (3.41) (106.6 %)
Operating Income 30.81 (22.26) (172.3 %)
Net Income 26.67 (26.35) (198.8 %)
Average Shares 23.52 23.52 -
EPS (Riyals) 1.13 (1.12) (198.8 %)

The chemical producer also incurred a net loss of SAR 26.35 million in Q2 2023, versus a net profit of SAR 26.67 million.

 

Compared to Q1 2023, the company’s net loss widened from SAR 18.8 million.

 

Shareholders’ equity, with no minority interest, reached SAR 340.7 million by the end of H1 2023, down from SAR 392.8 million in the year-earlier period.

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