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.
| 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.
| 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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