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Nama Chemicals swings to losses in Q2

Nama Chemicals swings to losses in Q2
Nama moved to losses recoding SAR 1.02 million in Q2-19
NAMA CHEMICALS
2210
8.31% 32.60 2.50

Riyadh – Mubasher: Nama Chemicals Company disclosed its initial financial results for the second quarter of 2019.

The company moved to losses recoding SAR 1.02 million in Q2-19, against profits of SAR 23.4 million in Q2-18, according to a bourse filing on Wednesday.

The move to losses was driven by the drop in sales, in addition to the decrease in average prices.

As for revenues, they retreated by 17.3% to SAR 134.2 million during the three-month period between April and June, compared to SAR 162.3 million in the same period a year ago.

For the first half of 2019, Nama suffered SAR 3.24 million in losses, versus profits of SAR 51.6 million in H1-18.

The Saudi-based firm generated SAR 282.4 million in revenues during H1-19, down 17.9% from SAR 344.19 million in the corresponding period of 2018.