Nama Chemicals Co. swung to a net loss of SAR 18.8 million in Q1 2023, against a net profit of SAR 33.4 million in the prior-year period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 172.81 | 131.06 | (24.2 %) |
| Gross Income | 52.04 | 2.91 | (94.4 %) |
| Operating Income | 32.79 | (15.12) | (146.1 %) |
| Net Income | 33.41 | (18.81) | (156.3 %) |
| Average Shares | 23.52 | 23.52 | - |
| EPS (Riyals) | 1.42 | (0.80) | (156.3 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 117.21 | 131.06 | 11.8 % |
| Gross Income | 0.29 | 2.91 | 906.6 % |
| Operating Income | (18.27) | (15.12) | 17.2 % |
| Net Income | (17.70) | (18.81) | (6.3 %) |
| Average Shares | 23.52 | 23.52 | - |
| EPS (Riyals) | (0.75) | (0.80) | (6.3 %) |
The company attributed these losses to a 41.6% year-on-year (YoY) drop in revenues, due to the sharp decline in the average selling prices of products amid global economic conditions and their impact on demand.
It also cited a slight increase in general and administrative expenses as a result of higher provisions. An increase in financing expenses on bank facilities and lower other revenues also weighed on the first-quarter results.
On the other hand, Nama posted a 17.5% YoY rise in revenues on better sales volumes, along with lower selling and marketing expenses.
Compared to Q4 2022, net losses widened by 6.3% from SAR 17.70 million as revenues dropped 13.6%. The company also reported higher selling and marketing expenses and finance costs, along with a decline in other revenues.
Shareholders’ equity, after minority interest, increased to SAR 367.16 million as of March 31, 2023, from SAR 366.14 million a year earlier.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}