Riyadh – Mubasher: Saudi Arabia-based Nama Chemicals on Wednesday announced turning to profit in the first quarter of 2018, against incurring a loss in the prior-year period.

Nama Chemicals’ net profit amounted to SAR 28.16 million during the three-month period ended March 2018, against suffering a loss of SAR 3.84 billion in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the positive turn in its profits to a growth in sales volume, coupled with a decline in selling and marketing expenses.

The company posted a 40% jump in revenues to SAR 181.84 million in Q1-18, compared to SAR 130.15 million during the same quarter in the year before.

In a separate statement, Nama Chemicals indicated that accumulated losses decreased by 11.56% of its capital to SAR 27.2 million by the end of Q1-18, compared to SAR 55.36 million by in the full-year 2017.

Improvement in first-quarter performance and implementing costs’ rationalisation programme contributed to trimming accumulated losses, the Tadawul-listed firm noted. 

Nama Chemicals’ stock shed 0.28% to close Wednesday at SAR 21.06.