Nama Chemicals posts 34% profit rise to SAR 37 mln in 2022; turns to SAR 17.7 mln loss in Q4

15/03/2023 Argaam Exclusive

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Nama Chemicals Co. made a profit of SAR 37 million in 2022, a leap of 34% from SAR 27.7 million in 2021.

Financials (M)

Item	2021	2022	Change‬
Revenues	554.28	577.21	4.1 %
Gross Income	99.68	120.94	21.3 %
Operating Income	15.81	43.65	176.1 %
Net Income	27.69	37.02	33.7 %
Average Shares	23.52	23.52	-
EPS (Riyals)	1.18	1.57	33.7 %

The profit growth was backed by an increase in average selling prices of almost all end products. The company also reported a decline in selling and marketing expenses, general and administrative expenses, as well as finance costs.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	133.81	117.21	(12.4 %)
Gross Income	13.10	0.29	(97.8 %)
Operating Income	(11.67)	(18.27)	(56.5 %)
Net Income	3.28	(17.70)	(639.0 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	0.14	(0.75)	(639.0 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	132.30	117.21	(11.4 %)
Gross Income	17.23	0.29	(98.3 %)
Operating Income	(1.68)	(18.27)	(989.1 %)
Net Income	(5.37)	(17.70)	(229.9 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	(0.23)	(0.75)	(229.9 %)

In Q4 2022, the chemicals producer swung to a net loss of SAR 17.7 million, against a net profit of SAR 3.28 million in the prior-year period.

The fourth-quarter net losses widened from SAR 5.37 million in Q3 2022.

Shareholders’ equity, no minority interest, increased to SAR 385.97 million as of Dec. 31, 2022, from SAR 349.81 million a year earlier.

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