Financial Results : Nama Chemicals earns SAR 11.7M in 2024; SAR 41M in Q4 on provisions reversal

Nama Chemicals earns SAR 11.7M in 2024; SAR 41M in Q4 on provisions reversal

31/03/2025 Argaam Exclusive

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Nama Chemicals Co. turned to a profit of SAR 11.7 million in 2024, versus a loss of SAR 156.9 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 445.25 380.30 (14.6 %)
Gross Income (44.90) (65.60) (46.1 %)
Operating Income (122.83) (141.47) (15.2 %)
Net Income (156.89) 11.72 107.5 %
Average Shares 23.52 23.52 -
Earnings Per Share before unusual items (Riyals) (6.67) (7.55) (13.2 %)
EPS (Riyal) (6.67) 0.50 107.5 %

The improved results were driven by the reversal of SAR 181 million of previously recognized impairment losses on property, plant, and equipment.

 

The chemical producer reported a decrease in sales quantity due to weak demand, a fall in average selling prices on the global economic conditions, as well as lower cost of sales due to the decrease in quantities sold.

 

Shipping expenses increased, mainly due to global shipping conditions. In addition, general and administrative expenses were higher on an increase in software license costs. Other operating income (expense) grew on an adjustment in provision for bad debts

 

Finance charges also increased on the usage of bank facilities



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 100.74 97.27 (3.5 %)
Gross Income (17.15) (27.04) (57.7 %)
Operating Income (39.34) (50.18) (27.5 %)
Net Income (61.87) 41.03 166.3 %
Average Shares 23.52 23.52 -
Earnings Per Share before unusual items (Riyal) (2.63) (2.63) (0.1 %)
EPS (Riyal) (2.63) 1.74 166.3 %

Nama Chemicals swung to net earnings of SAR 41 million in Q4 2024, versus net losses of SAR 61.87 million in Q4 2023.

 

In Q3 2024, the company had incurred a loss of SAR 48.08 million

 

Shareholders’ equity, no minority interest, reached SAR 244.12 million by the end of 2024, from SAR 229.47 million in the year-earlier period.

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