Nama Chemicals Profits Jump 235% during 1Q to SR33 mln

The net profit after zakat and tax for Nama Chemicals Company jumped to SR33 million during the first quarter, compared to SR10 million during the same quarter of the previous year, at a rate of 235%.

This came after Nama announcement on Wednesday of the consolidated preliminary financial results for the period ending on 31.03.2022 (three months).

The operational profit amounted to SR33 million during the first quarter, compared to SR13 million during the same quarter of the previous year, an increase of 155%.

The gross profit amounted to SR52 million during the first quarter, compared to SR34 million during the same quarter of the previous year, a growth of 53%.

Profits per share during the current period amounted to SR1.42, compared to SR0.427 during the same period of the previous year.

The increase in net profit during current quarter is mainly due to the following:

• Increase in average profit margin for finished products.

• Decrease in general and administrative expenses

• Reduction in finance cost

• Recording non-recurring income pertaining to disposal of scrap value SR 2.1 million

Even though there was an:

• Decrease in the selling quantity of finished products

The increase in net profit during the current quarter is mainly due to the following:

• Increase in average profit margin for finished products

• Decrease in general and administrative expenses

• Reduction in finance cost

Even though there was an:

• Decrease in the selling quantity of finished products

• Decrease in other income

Certain comparative figures have been re-presented and classified to conform to the presentation for the current period.