Nama turns to net losses of SAR 45.2 mln in 2020

29/03/2021 Argaam Exclusive

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Nama Chemicals Co. swung to a net loss after Zakat and tax of SAR 45.2 million for 2020, against a net profit of SAR 10.1 million a year earlier.

The company cited the economic recession resulting from the COVID-19 pandemic and the related precautionary measures taken locally and globally, which negatively affected the company's activities during the year.

Nama reported a decrease in average selling prices of end products, sales volumes and investment income.

The full-year results were also hit by higher general and administrative expenses in 2020

Financials (M)

Item	2019	2020	Change‬
Revenues	525.94	439.24	(16.5 %)
Gross Income	73.94	21.17	(71.4 %)
Operating Income	22.22	(38.48)	(273.2 %)
Net Income	10.09	(45.25)	(548.5 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	0.43	(1.92)	(548.5 %)

In Q4 2020, the company turned to net losses to SAR 42 million, from a net profit of SAR 19.73 million in year-earlier period.

Shareholders’ equity, excluding minority interest, decreased by 9.1% to SAR 286.619 million in 2020, from SAR 315.331 million a year earlier.

The company’s accumulated losses stood at SAR 46.968 million, representing 19.97% of capital in 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	124.00	114.73	(7.5 %)
Gross Income	16.21	(2.95)	(118.2 %)
Operating Income	16.21	(21.01)	(229.6 %)
Net Income	19.73	(24.68)	(225.1 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	0.84	(1.05)	(225.1 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	99.95	114.73	14.8 %
Gross Income	3.06	(2.95)	(196.4 %)
Operating Income	(11.80)	(21.01)	(78.1 %)
Net Income	(9.91)	(24.68)	(149.1 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	(0.42)	(1.05)	(149.1 %)

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