Financial Results : Nama Chemicals Q1 2024 net loss widens to SAR 29.7M

Nama Chemicals Q1 2024 net loss widens to SAR 29.7M

12/05/2024 Argaam Exclusive

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Nama Chemicals Co. deepened Q1 2024 net loss by 57.9% to SAR 29.7 million from SAR 18.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 131.06 98.08 (25.2 %)
Gross Income 2.91 (6.42) (320.7 %)
Operating Income (15.12) (25.64) (69.6 %)
Net Income (18.81) (34.18) (81.7 %)
Average Shares 23.52 23.52 -
EPS (Riyals) (0.80) (1.45) (81.7 %)

Revenues declined in the three-month period by 25% year-on-year (YoY) due to a sharp decline in the average selling prices, especially epoxy.

 

Additionally, the cost of sales decreased due to lower quantities sold, while marketing expenses increased due to higher shipping costs.

 

The company also reported higher general and administrative expenses, increased financing expenses, and a rise in other income due to adopting the effective interest rate as defined in the international financial reporting standards (IFRs) on loans from the Saudi Industrial Development Fund (SIDF).

 

On a quarterly basis, the company trimmed Q1 net losses from SAR 57.4 million in Q4 2023.

 

Shareholders’ equity, after minority interest, reached SAR 204.36 million by March 31, 2024, compared to SAR 367.16 million in the prior-year period.

 

Accumulated losses reached SAR 31.2 million by March 31, 2024, accounting for 13.27% of capital.

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