Nama Chemicals turns to loss of SAR 45.2 mln in H1 2023; Q2 at SAR 26.3 mln

13/08/2023 Argaam Exclusive

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Nama Chemicals Co. swung to a net loss of SAR 45.2 million in H1 2023 from a profit of SAR 60.1 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	327.70	255.19	(22.1 %)
Gross Income	103.42	(0.50)	(100.5 %)
Operating Income	63.60	(37.38)	(158.8 %)
Net Income	60.08	(45.16)	(175.2 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	2.55	(1.92)	(175.2 %)

Revenues fell by 22% year-on-year (YoY) due to the sharp decline in average selling prices of products as a result of global economic conditions, despite an increase of 23% in the quantities sold during the period.

Meanwhile, selling and marketing expenses decreased due to low shipping costs compared to last year.

Financing costs also increased by SAR 163,000 as a result of higher interest rates.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	154.89	124.13	(19.9 %)
Gross Income	51.38	(3.41)	(106.6 %)
Operating Income	30.81	(22.26)	(172.3 %)
Net Income	26.67	(26.35)	(198.8 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	1.13	(1.12)	(198.8 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	131.06	124.13	(5.3 %)
Gross Income	2.91	(3.41)	(217.1 %)
Operating Income	(15.12)	(22.26)	(47.3 %)
Net Income	(18.81)	(26.35)	(40.1 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	(0.80)	(1.12)	(40.1 %)

The chemical producer also incurred a net loss of SAR 26.35 million in Q2 2023, versus a net profit of SAR 26.67 million.

Compared to Q1 2023, the company’s net loss widened from SAR 18.8 million.

Shareholders’ equity, with no minority interest, reached SAR 340.7 million by the end of H1 2023, down from SAR 392.8 million in the year-earlier period.

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