Riyadh - Mubasher: Nama Chemicals reported net profits of SAR 316,620 ($84,430) in March versus losses of SAR 638,390 ($170,244) in February 2017.

By the end of last March, the company’s accumulated losses totalled SAR 1.07 billion, the same amount registered in the month before, representing 83.6% of the capital that amounts to SAR 1.3 billion.

Operational losses reached SAR 1.86 million in March against profits of around SAR 1 million in February, the company said in a statement to the Saudi Stock Exchange (Tadawul).

In February, the company reiterated its commitment to the reconciliation plan, which includes a capital reduction by 81.7% to reach SAR 235.2 million down from SAR 1.29 billion.

Nama Chemicals submitted the capital decrease portfolio to the Saudi Capital Market Authority (CMA) on Thursday.