Riyadh – Mubasher: Nama Chemicals Company turned into losses during the third quarter of 2019, when compared with last year, according to the company’s interim financial results.

Nama recorded a net loss of SAR 6.394 million ($1.707 million) in Q3-19, compared with a profit of SAR 749,000 in Q3-18, according to a disclosure to the Saudi Stock Exchange (Tadawul).

This was ascribed to a sales drop in chemicals and a decline in average prices for final products, with lower prices across global markets.

This also came despite falling costs of raw materials, as sold volumes fell, while liquid waste disposal costs surged.

In addition, selling and marketing expenses climbed, with growth seen in sales of other products.

Return on investments declined during the three months to September, due to lower revenues from Yanbu National Petrochemical (YANSAB).

For the nine-month period ended last September, Nama posted a net loss of SAR 9.642 million, compared with SAR 52.357 million in the year-ago period.

Nama’s accumulated losses totalled SAR 29.729 million, or 12.6% of an overall capital of SAR 235.200 million.

This marked the second quarter of losses for the Tadawul-listed firm, after recording a net loss of SAR 1.02 million in Q2-19, compared with a profit of SAR 23.4 million the year before.