Nama Chemicals net profit surges to SAR 54.7 mln in 9M 2022, turns to SAR 5.4 mln losses in Q3

30/10/2022 Argaam Exclusive

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Nama Chemicals Co.’s net profit after Zakat and tax more than doubled to SAR 54.7 million in the first nine months of 2022, compared to SAR 24.4 million in the year-ago period.

The profit increase was driven by a higher average profit margin for most finished products.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	420.46	460.00	9.4 %
Gross Income	86.58	120.65	39.4 %
Operating Income	27.49	61.92	125.3 %
Net Income	24.41	54.72	124.2 %
Average Shares	23.52	23.52	-
EPS (Riyals)	1.04	2.33	124.2 %

In Q3 2022, Nama turned to a loss of SAR 5.4 million, from a profit of SAR 4.9 million in the year-before period, on lower average profit margin for finished products and other income as well as higher general and administrative expenses and finance cost.

Compared to the previous quarter, the company turned to a loss from a net profit of SAR 26.7 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	134.82	132.30	(1.9 %)
Gross Income	23.66	17.23	(27.2 %)
Operating Income	5.17	(1.68)	(132.4 %)
Net Income	4.86	(5.37)	(210.3 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	0.21	(0.23)	(210.3 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	154.89	132.30	(14.6 %)
Gross Income	51.38	17.23	(66.5 %)
Operating Income	30.81	(1.68)	(105.4 %)
Net Income	26.67	(5.37)	(120.1 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	1.13	(0.23)	(120.1 %)

Shareholders’ equity, excluding minority interest, grew to SAR 387.472 million as of Sept. 30, 2022, from SAR 322.863 million in the year-earlier period.

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