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
| 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.
| 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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