Riyadh - Mubasher: Nama Chemicals Company achieved net losses of SAR 33.15 million ($8.84 million) in the second quarter of 2016 against SAR 6.45 million ($1.7 million) net profits in the previous period of 2015.

The company attributed the losses to the decrease in average sales prices by 30%, added to higher sales and marketing expenses, according to a bourse filing on Wednesday.

Lower financial expenses, investment revenues and other revenues also contributed to the losses.

The Saudi-listed company widened its net losses by 130% to SAR 56.79 million in the first half of 2016 compared to SAR 24.7 million in the year-ago period.