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 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	124.13	89.31	(28.1 %)
Gross Income	(3.41)	(27.26)	(700.2 %)
Operating Income	(22.26)	(46.11)	(107.1 %)
Net Income	(26.35)	(49.86)	(89.3 %)
Average Shares	23.52	23.52	-
EPS (Riyals)	(1.12)	(2.12)	(89.3 %)

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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