Financial Results : Nama Chemicals incurs SAR 95 mln loss in 9M 2023; Q3 at SAR 49.9 mln

Nama Chemicals incurs SAR 95 mln loss in 9M 2023; Q3 at SAR 49.9 mln

09/11/2023 Argaam Exclusive

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Nama Chemicals Co. swung to a net loss of SAR 95 million in the first nine months of 2023 from a net profit of SAR 54.7 million a year earlier. 



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 460.00 344.50 (25.1 %)
Gross Income 120.65 (27.75) (123.0 %)
Operating Income 61.92 (83.49) (234.8 %)
Net Income 54.72 (95.02) (273.7 %)
Average Shares 23.52 23.52 -
EPS (Riyals) 2.33 (4.04) (273.7 %)

The losses were attributed to lower average selling prices of the company’s products on the continued slowdown in the global economy as a result of the tightening of monetary policies to confront global inflation.

 

The company suffered higher general and administrative expenses on rising provisions for doubtful debts, higher bank expenses on increased banking facilities, and lower scrap sales.

 

This was despite lower shipping costs and a 13% rise in quantities sold. 



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 132.30 89.31 (32.5 %)
Gross Income 17.23 (27.26) (258.2 %)
Operating Income (1.68) (46.11) (2,649.5 %)
Net Income (5.37) (49.86) (829.4 %)
Average Shares 23.52 23.52 -
EPS (Riyals) (0.23) (2.12) (829.4 %)

The chemical producer’s net loss widened to SAR 49.9 million in Q3 2023 from SAR 5.37 million a year ago. 

  

Sequentially, the company’s net loss widened from SAR 26.35 million from Q2 2023. 

 

Shareholders’ equity, with no minority interest, reached SAR 290.9 million by the end of 9M 2023, from SAR 387.4 million in the year-earlier period. 

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