Nama Chemicals Records Net Profit of SR27 mln at End of 2021

Nama Chemicals Company net profit after zakat and tax recorded SR27 million during the year 2021, compared to losses of SR43 million during the year before last.

This came after Nama Chemicals Company announcement on Sunday of the annual financial results ending on 31.12.2021 (12 months).

The operational profit during the current period amounted to SR15 million, compared to losses of SR38 million during the same period of the previous year.

The gross profit during the current period, it amounted to SR99 million, compared to SR21 million during the same period last year, an increase of 369%.

Profits per share during the current period amounted to SR1.168, compared to losses of SR1.937 during the same period last year.

The increase in Net Profit is mainly due to the following:

• Increase in average selling prices of all finished products.

• Reduction in finance cost.

• Increase in other income, mainly due to the reversal of Zakat provision.

Even though there was an:

• Increase in selling & distribution expense in due to increase in freight charges in 2021

• Increase in general and administrative expenses in 2021.

The Company said in a statement that certain comparative figures have been re-presented and classified to conform to the presentation for the current period.

• The company announced that the accumulated Profit have increased to SR100.054 million (42.54%. of the capital) for the year 2021 compared to accumulated Loss SR46.968 million for the year 2020 (19.97% of the capital).

• Q4 of 2021 had a planned turn around for 20 days, as the company announced on October 3rd, 2021. The planned turn around has an impact on Q4 2021 results by SR 19.6 million.