Nama Chemicals Co. swung to a net profit after Zakat and tax of SAR 19.5 million in H1 2021, versus a net loss of SAR 10.7 million in the year-earlier period, driven by higher average selling prices, increased sales volumes, and lower cost of finance.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 224.57 | 285.65 | 27.2 % |
| Gross Income | 21.06 | 62.91 | 198.7 % |
| Operating Income | (5.68) | 22.31 | 493.1 % |
| Net Income | (10.66) | 19.54 | 283.3 % |
| Average Shares | 23.52 | 23.52 | - |
| EPS (Riyals) | (0.45) | 0.83 | 283.3 % |
The positive performance came although the company recorded an increase in selling and distribution expenses, as well as general and administrative expenses.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 104.54 | 122.83 | 17.5 % |
| Gross Income | 11.49 | 28.91 | 151.7 % |
| Operating Income | 0.89 | 9.48 | 964.6 % |
| Net Income | (3.34) | 9.57 | 386.9 % |
| Average Shares | 23.52 | 23.52 | - |
| EPS (Riyals) | (0.14) | 0.41 | 386.9 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 162.82 | 122.83 | (24.6 %) |
| Gross Income | 34.00 | 28.91 | (15.0 %) |
| Operating Income | 12.84 | 9.48 | (26.2 %) |
| Net Income | 9.97 | 9.57 | (4.0 %) |
| Average Shares | 23.52 | 23.52 | - |
| EPS (Riyals) | 0.42 | 0.41 | (4.0 %) |
The company posted a net profit after Zakat and tax of SAR 9.6 million in Q2 2021, compared to a loss of SAR 3.3 million in the same period last year, due to higher average selling prices, lower cost of finance and an increase in investment income.
On a sequential basis, Q2 net profit fell 4% from SAR 9.96 million.
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