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Nama Chemicals narrows Q2 losses by 92% on higher sales

Nama Chemicals narrows Q2 losses by 92% on higher sales
The chemicals firm’s net losses stood at SAR 2.57 million in Q2-17, compared to SAR 31.44 million in Q2-16
NAMA CHEMICALS
2210
0.17% 30.10 0.05

Riyadh – Mubasher: Nama Chemicals on Wednesday said that its losses decreased by 91.83% year-on-year in the second quarter of 2017.

The chemicals firm’s net losses stood at SAR 2.57 million in Q2-17, compared to SAR 31.44 million in Q2-16, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, losses dropped 33.07%.

The Tadawul-listed company attributed the decline in its year-on-year net losses to the increase in sales’ volume and the continued implementation of the rationalisation programme.

Nama’s revenues rose 31% to SAR 160 million in Q2-17, from SAR 122.21 million in the same period in the year before.

At the level of the first six months of 2017, losses fell 87.64% to reach SAR 6.6 million, compared to SAR 53.38 million in H1-16.

Revenues levelled up 23% reaching SAR 290.18 million in H1-17, from SAR 235.10 million in the corresponding period in the year earlier.

By 11:41 am Saudi time, the stock edged up 0.26% to SAR 15.20.