Nama Chemicals Company was able to turn to profitability in the second quarter of 2021, to 9.6 million riyals, compared to losses in the second quarter of 2020, which amounted to 3.33 million riyals.
According to Arabia Net, Nama’s profits in the first half of 2021 amounted to about 19.5 million riyals, compared to losses of 10.7 million riyals, in the corresponding period of last year.
The company said that its turn to profitability in the second quarter is due to the increase in average selling prices for most of the finished products, and the decrease in financing expenses.
The company also benefited from the increase in investment income as a result of recording dividends during the period.
Namaa stated that the shift to profitability came despite the increase in selling and marketing expenses as a result of the increase in sold quantities, as well as shipping prices, and the increase in the prices of most feedstock materials for products.
The general and administrative expenses also increased in order to form some provisions during the period.
