Nama Chemicals H1 2022 net profit surges to SAR 60.1 mln; Q2 at SAR 26.7 mln

31/07/2022 Argaam Exclusive

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Nama Chemicals Co.’s net profit after Zakat and tax more than tripled to SAR 60.1 million in H1 2022, compared to SAR 19.5 million a year earlier, driven by higher average profit margin of some end products, and a decline in Zakat provisions. The net profit rose despite lower sales volumes.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	285.65	327.70	14.7 %
Gross Income	62.91	103.42	64.4 %
Operating Income	22.31	63.60	185.0 %
Net Income	19.54	60.08	207.4 %
Average Shares	23.52	23.52	-
EPS (Riyals)	0.83	2.55	207.4 %

The second-quarter net profit after Zakat and tax more than doubled to SAR 26.7 million, from SAR 9.57 million in Q2 2021. The profit surge was backed by improved average profit margins of some end products, and lower Zakat provisions.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	122.83	154.89	26.1 %
Gross Income	28.91	51.38	77.7 %
Operating Income	9.48	30.81	225.1 %
Net Income	9.57	26.67	178.6 %
Average Shares	23.52	23.52	-
EPS (Riyals)	0.41	1.13	178.6 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	172.81	154.89	(10.4 %)
Gross Income	52.04	51.38	(1.3 %)
Operating Income	32.79	30.81	(6.0 %)
Net Income	33.41	26.67	(20.2 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	1.42	1.13	(20.2 %)

Compared to Q1 2022, the company’s net profit fell 20.2% from SAR 33.41 million, hurt by lower sales volumes, a decline in the profit margins of some end products, along with higher general and administrative expenses.

Shareholders’ equity, after minority interest, grew by 21.4% to SAR 392.84 million by the end of H1 2022, from SAR 323.597 million in the year-earlier period.

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