Nama Chemicals turns to profit of SAR 27.3 mln in 2021; Q4 earnings at SAR 2.9 mln

Nama Chemicals Co. turned to a net profit after Zakat and tax of SAR 27.3 million in 2021, against a loss of SAR 45.2 million a year earlier.

The chemical producer attributed the profit to high average selling prices of all finished products, low finance cost, and an increase in other income, mainly due to the reversal of Zakat provision.

This was despite an increase in selling and distribution expenses due to an increase in freight charges in 2021, as well as high general and administrative expenses, the company added.

Q4 2021 earnings reached SAR 2.93 million, against losses of SAR 24.68 million in the year-earlier period.

Sequentially, Q4 2021 profit declined by 39.8% compared with SAR 4.86 million in Q3 2021.

Total shareholders’ equity, after minority interest, reached SAR 332.7 million at the end of the period, a rise of 16% compared with SAR 286.6 million a year earlier.

The accumulated profit increased to SAR 100.054 million, representing 42.54% of capital in 2021, compared to an accumulated loss of SAR 46.968 million, or 19.97% of capital, a year earlier.

On Oct. 3, 2021, the chemical producer announced a 20-day suspension of one of its factories for scheduled maintenance, which had an effect of SAR 19.6 million on Q4 2021 financials.

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