Financial Results : Nama Chemicals swings to SAR 19.5 mln profit in H1 2021

Nama Chemicals swings to SAR 19.5 mln profit in H1 2021

09/08/2021 Argaam Exclusive

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Nama Chemicals Co. swung to a net profit after Zakat and tax of SAR 19.5 million in H1 2021, versus a net loss of SAR 10.7 million in the year-earlier period, driven by higher average selling prices, increased sales volumes, and lower cost of finance.  



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 224.57 285.65 27.2 %
Gross Income 21.06 62.91 198.7 %
Operating Income (5.68) 22.31 493.1 %
Net Income (10.66) 19.54 283.3 %
Average Shares 23.52 23.52 -
Earnings Per Share before unusual items (Riyals) (0.45) 0.83 283.3 %
EPS (Riyals) (0.45) 0.83 283.3 %

The positive performance came although the company recorded an increase in selling and distribution expenses, as well as general and administrative expenses. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 104.54 122.83 17.5 %
Gross Income 11.49 28.91 151.7 %
Operating Income 0.89 9.48 964.6 %
Net Income (3.34) 9.57 386.9 %
Average Shares 23.52 23.52 -
Earnings Per Share before unusual items (Riyals) (0.14) 0.41 386.9 %
EPS (Riyals) (0.14) 0.41 386.9 %

The company posted a net profit after Zakat and tax of SAR 9.6 million in Q2 2021, compared to a loss of SAR 3.3 million in the same period last year, due to higher average selling prices, lower cost of finance and an increase in investment income.

 

On a sequential basis, Q2 net profit fell 4% from SAR 9.96 million.  

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