Nama Chemicals explains delayed audit, financial statements

Nama Chemicals says these factors materially affect the assessment of its financial position and future cash flows

Nama Chemicals Co. noted that several factors led to its inability to publish the annual financial results for 2025, within the statutory deadline.

In a statement to Tadawul, the company said the reasons included completing procedures related to the SAR-200-million capital injection by FAAD First Industrial Co. under the binding agreement to invest in JANA, which would result in a 40% reduction in the stake.

The company also needed to obtain the Saudi Industrial Development Fund’s (SIDF) approval to restructure the loans.

 In addition, it was working to obtain approval for SAR 140 million in working capital financing, as well as complete the review of the valuation work related to reversing the impairment provision.

 Finally, management was assessing the appropriateness of the going-concern assumption in light of the aforementioned remedial and mitigating factors, future outlook, and the company’s 2026 business plan.

The company said these factors materially affect the assessment of its financial position and future cash flows, and consequently the completion of the audit and issuance of its financial statements.

It noted that it is working closely with the relevant parties and its external auditor to fulfill the outstanding requirements and publish the financial statements as soon as possible.

The company will announce any developments in this regard as they arise, the statement added.

According to data available with Argaam, Tadawul suspended trading in Nama Chemicals’ stock starting April 30, 2026, due to the company’s failure to announce its 2025 financial statements, within the regulatory deadline.