Nama Chemicals incurs SAR 152.4M loss in 2023; Q4 at SAR 57.4M

Nama Chemicals incurs SAR 152.4M loss in 2023; Q4 at SAR 57.4M

26/03/2024 Argaam Exclusive

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Nama Chemicals Co. swung to a net loss of SAR 152.4 million in 2023 from a net profit of SAR 37 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 577.21 445.25 (22.9 %)
Gross Income 120.94 (42.69) (135.3 %)
Operating Income 43.65 (122.83) (381.4 %)
Net Income 37.02 (152.44) (511.8 %)
Average Shares 23.52 23.52 -
EPS (Riyals) 1.57 (6.48) (511.8 %)

The losses were attributed to lower revenues by 23% year-on-year (YoY) as average selling prices fell due to the continued slowdown in the global economy on tighter monetary policies to confront inflation.

 

There was also an increase in the cost of sales, along with a rise in general and administrative expenses as a result of higher allowances for doubtful debts.

 

Zakat expense rose by SAR 12.14 million, representing the differences in final Zakat assessments and Zakat provision for the fiscal year 2015 to 2018. Bank expenses increased on a surge in bank facilities.

 

Meanwhile, sales volumes rose and shipping costs declined.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 117.21 100.74 (14.1 %)
Gross Income 0.29 (14.93) (5267.1 %)
Operating Income (18.27) (39.34) (115.4 %)
Net Income (17.70) (57.42) (224.4 %)
Average Shares 23.52 23.52 -
EPS (Riyals) (0.75) (2.44) (224.4 %)

The chemical producer’s net loss widened to SAR 57.4 million in Q4 2023 from SAR 17.70 million a year ago.

 

Sequentially, the company’s net loss expanded from SAR 49.86 million from Q3 2023.

 

Shareholders’ equity, with no minority interest, reached SAR 233.92 million by the end of 2023, from SAR 285.97 million in the year-earlier period.

 

Accumulated losses amounted to SAR 1.50 billion as of Dec. 31, 2023, representing 0.64% of the company’s capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 178.54 (13.2 %) 4.21 (48.1 %) (14.87) 41.5 % (0.63)
Q2 2014 153.32 (14.2 %) (4.42) (113.6 %) (28.37) (397.2 %) (1.21)
Q3 2014 164.65 (8.7 %) (1.40) (117.2 %) (23.36) (94.3 %) (0.99)
Q4 2014 178.88 (0.3 %) (14.98) (215.8 %) (45.89) (181.2 %) (1.95)
Q1 2015 127.00 (28.9 %) (6.45) (253.4 %) (31.15) (109.5 %) (1.32)
Q2 2015 114.62 (25.2 %) 9.06 305.0 % 6.45 122.7 % 0.27
Q3 2015 110.47 (32.9 %) (11.99) (753.8 %) (23.97) (2.6 %) (1.02)
Q4 2015 107.58 (39.9 %) (15.56) (3.9 %) (25.36) 44.7 % (1.08)
Q1 2016 112.90 (11.1 %) (1.84) 71.5 % (21.94) 29.6 % (0.93)
Q2 2016 122.21 6.6 % (6.61) (172.9 %) (31.45) (587.5 %) (1.34)
Q3 2016 102.15 (7.5 %) (8.46) 29.4 % (30.92) (29.0 %) (1.31)
Q4 2016 115.62 7.5 % 5.02 132.2 % (727.12) (2,766.7 %) (30.91)
Q1 2017 130.15 15.3 % 16.90 1020.1 % (3.85) 82.5 % (0.16)
Q2 2017 160.04 31.0 % 23.48 455.4 % (2.76) 91.2 % (0.12)
Q3 2017 145.64 42.6 % 19.58 331.3 % (2.02) 93.5 % (0.09)
Q4 2017 162.85 40.9 % 31.13 520.7 % 7.11 101.0 % 0.30
Q1 2018 181.84 39.7 % 52.41 210.1 % 28.16 832.1 % 1.20
Q2 2018 162.35 1.4 % 47.65 102.9 % 23.44 950.0 % 1.00
Q3 2018 137.48 (5.6 %) 19.24 (1.7 %) 0.75 137.0 % 0.03
Q4 2018 142.67 (12.4 %) 8.25 (73.5 %) (17.08) (340.2 %) (0.73)
Q1 2019 148.26 (18.5 %) 26.62 (49.2 %) (2.22) (107.9 %) (0.09)
Q2 2019 134.21 (17.3 %) 18.62 (60.9 %) (1.03) (104.4 %) (0.04)
Q3 2019 119.48 (13.1 %) 12.49 (35.1 %) (6.39) (953.7 %) (0.27)
Q4 2019 124.00 (13.1 %) 16.21 96.4 % 19.73 215.5 % 0.84
Q1 2020 120.02 (19.0 %) 9.57 (64.0 %) (7.33) (230.2 %) (0.31)
Q2 2020 104.54 (22.1 %) 11.49 (38.3 %) (3.34) (224.3 %) (0.14)
Q3 2020 99.95 (16.3 %) 3.06 (75.5 %) (9.91) (54.9 %) (0.42)
Q4 2020 114.73 (7.5 %) (2.95) (118.2 %) (24.68) (225.1 %) (1.05)
Q1 2021 162.82 35.7 % 34.00 255.2 % 9.97 236.1 % 0.42
Q2 2021 122.83 17.5 % 28.91 151.7 % 9.57 386.9 % 0.41
Q3 2021 134.82 34.9 % 23.66 673.8 % 4.86 149.1 % 0.21
Q4 2021 133.81 16.6 % 13.10 544.4 % 3.28 113.3 % 0.14
Q1 2022 172.81 6.1 % 52.04 53.0 % 33.41 235.1 % 1.42
Q2 2022 154.89 26.1 % 51.38 77.7 % 26.67 178.6 % 1.13
Q3 2022 132.30 (1.9 %) 17.23 (27.2 %) (5.37) (210.3 %) (0.23)
Q4 2022 117.21 (12.4 %) 0.29 (97.8 %) (17.70) (639.0 %) (0.75)
Q1 2023 131.06 (24.2 %) 2.91 (94.4 %) (18.81) (156.3 %) (0.80)
Q2 2023 124.13 (19.9 %) (3.41) (106.6 %) (26.35) (198.8 %) (1.12)
Q3 2023 89.31 (32.5 %) (27.26) (258.2 %) (49.86) (829.4 %) (2.12)
Q4 2023 100.74 (14.1 %) (14.93) (5267.1 %) (57.42) (224.4 %) (2.44)
2023 445.25 (22.9 %) (42.69) (135.3 %) (152.44) (511.8 %) (6.48)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 8.05 % 26.57 % (4.69 %)
Q2 2014 3.02 % 23.03 % (10.35 %)
Q3 2014 1.67 % 24.22 % (12.27 %)
Q4 2014 (2.46 %) 22.47 % (16.65 %)
Q1 2015 (4.37 %) 24.12 % (20.64 %)
Q2 2015 (2.36 %) 29.07 % (17.93 %)
Q3 2015 (4.59 %) 31.04 % (20.97 %)
Q4 2015 (5.43 %) 37.53 % (21.58 %)
Q1 2016 (4.56 %) 38.93 % (20.20 %)
Q2 2016 (7.94 %) 33.71 % (25.80 %)
Q3 2016 (7.30 %) 33.90 % (26.54 %)
Q4 2016 (2.63 %) 29.10 % (30.54 %)
Q1 2017 1.46 % 30.53 % (25.57 %)
Q2 2017 7.27 % 30.71 % (18.02 %)
Q3 2017 11.78 % 27.90 % (11.35 %)
Q4 2017 15.22 % 27.75 % (0.25 %)
Q1 2018 19.47 % 30.87 % 4.69 %
Q2 2018 23.10 % 35.65 % 8.69 %
Q3 2018 23.34 % 38.81 % 9.23 %
Q4 2018 20.43 % 37.87 % 5.65 %
Q1 2019 17.23 % 34.20 % 0.83 %
Q2 2019 12.93 % 29.20 % (3.48 %)
Q3 2019 12.11 % 22.42 % (4.91 %)
Q4 2019 14.06 % 14.57 % 1.92 %
Q1 2020 11.43 % 13.35 % 1.00 %
Q2 2020 10.63 % 13.36 % 0.57 %
Q3 2020 8.99 % 7.20 % (0.19 %)
Q4 2020 4.82 % 4.96 % (10.30 %)
Q1 2021 9.46 % 8.90 % (5.80 %)
Q2 2021 12.60 % 8.73 % (3.01 %)
Q3 2021 15.63 % 9.84 % (0.05 %)
Q4 2021 17.98 % 14.25 % 1.20 %
Q1 2022 20.86 % 17.67 % 4.96 %
Q2 2022 23.51 % 20.68 % 7.56 %
Q3 2022 22.52 % 23.46 % 5.87 %
Q4 2022 20.95 % 19.59 % 5.91 %
Q1 2023 13.41 % 12.05 % (2.99 %)
Q2 2023 3.37 % 1.51 % (13.67 %)
Q3 2023 (5.95 %) (8.39 %) (24.58 %)
Q4 2023 (9.59 %) (13.17 %) (34.24 %)
2023 (9.59 %) (13.17 %) (34.24 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 23.52 (1.43) (1.43) 58.43
Q2 2014 23.52 (3.04) (3.04) 57.27
Q3 2014 23.52 (3.52) (3.52) 56.76
Q4 2014 23.52 (4.78) (4.78) 52.18
Q1 2015 23.52 (5.47) (5.47) 50.54
Q2 2015 23.52 (3.99) (4.46) 51.46
Q3 2015 23.52 (4.02) (4.73) 49.19
Q4 2015 23.52 (3.15) (4.22) 46.61
Q1 2016 23.52 (2.76) (3.83) 44.08
Q2 2016 23.52 (4.37) (4.97) 42.99
Q3 2016 23.52 (4.66) (5.02) 41.79
Q4 2016 23.52 (34.50) (5.88) 11.83
Q1 2017 23.52 (33.73) (5.11) 11.94
Q2 2017 23.52 (32.51) (3.89) 11.69
Q3 2017 23.52 (31.28) (2.66) 11.91
Q4 2017 23.52 (0.06) (0.06) 11.66
Q1 2018 23.52 1.30 1.30 14.19
Q2 2018 23.52 2.41 2.41 15.31
Q3 2018 23.52 2.53 2.53 15.04
Q4 2018 23.52 1.50 1.50 14.04
Q1 2019 23.52 0.21 0.21 14.84
Q2 2019 23.52 (0.83) (0.83) 13.90
Q3 2019 23.52 (1.14) (1.14) 12.75
Q4 2019 23.52 0.43 0.43 13.41
Q1 2020 23.52 0.21 0.21 11.50
Q2 2020 23.52 0.11 0.11 12.17
Q3 2020 23.52 (0.04) (0.04) 12.39
Q4 2020 23.52 (1.92) (1.92) 12.19
Q1 2021 23.52 (1.19) (1.19) 13.06
Q2 2021 23.52 (0.64) (0.64) 13.76
Q3 2021 23.52 (0.01) (0.01) 13.73
Q4 2021 23.52 1.18 0.28 14.87
Q1 2022 23.52 2.17 1.19 15.57
Q2 2022 23.52 2.90 1.92 16.70
Q3 2022 23.52 2.47 1.48 16.47
Q4 2022 23.52 1.57 1.45 16.41
Q1 2023 23.52 (0.65) (0.68) 15.61
Q2 2023 23.52 (2.90) (2.93) 14.49
Q3 2023 23.52 (4.79) (4.83) 12.37
Q4 2023 23.52 (6.48) (6.48) 9.95

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 NEG NEG 1.46
Q2 2014 NEG NEG 1.49
Q3 2014 NEG NEG 1.60
Q4 2014 NEG NEG 1.12
Q1 2015 NEG NEG 1.19
Q2 2015 NEG NEG 1.15
Q3 2015 NEG NEG 0.93
Q4 2015 NEG NEG 0.84
Q1 2016 NEG NEG 0.72
Q2 2016 NEG NEG 0.81
Q3 2016 NEG NEG 0.63
Q4 2016 NEG NEG 2.87
Q1 2017 NEG NEG 1.81
Q2 2017 0.00 NEG 1.19
Q3 2017 NEG NEG 1.79
Q4 2017 NEG NEG 1.51
Q1 2018 13.59 13.59 1.24
Q2 2018 11.74 11.74 1.85
Q3 2018 10.56 10.56 1.78
Q4 2018 18.10 18.10 1.93
Q1 2019 More than 100 More than 100 1.78
Q2 2019 NEG NEG 1.59
Q3 2019 NEG NEG 1.44
Q4 2019 55.08 55.08 1.76
Q1 2020 84.56 84.56 1.56
Q2 2020 More than 100 More than 100 1.52
Q3 2020 NEG NEG 2.63
Q4 2020 NEG NEG 2.73
Q1 2021 NEG NEG 2.77
Q2 2021 NEG NEG 3.31
Q3 2021 NEG NEG 3.39
Q4 2021 27.39 More than 100 2.17
Q1 2022 18.84 34.40 2.63
Q2 2022 12.74 19.27 2.21
Q3 2022 17.80 29.61 2.66
Q4 2022 20.97 22.74 2.01
Q1 2023 NEG NEG 2.09
Q2 2023 NEG NEG 2.48
Q3 2023 NEG NEG 2.66
Q4 2023 NEG NEG 3.23

Business Segments (Million)

Compared With The
Period Epoxy Resins Products Chlor Alkali Products Others Consolidation adjustments & eliminations
Q1 2014 156.88 54.53 - (32.87)
Q2 2014 136.64 50.15 - (33.48)
Q3 2014 141.44 49.33 - (26.12)
Q4 2014 159.55 53.99 - (34.65)
Q1 2015 98.10 37.91 - (9.01)
Q2 2015 96.67 40.66 - (22.71)
Q3 2015 82.51 41.67 - (13.71)
Q4 2015 65.48 43.09 - (0.99)
Q1 2016 70.08 41.97 5.18 (4.33)
Q2 2016 78.57 43.70 5.18 (5.24)
Q3 2016 60.58 41.61 5.18 (5.21)
Q4 2016 71.33 42.86 5.18 (3.75)
Q1 2017 79.13 56.07 5.18 (10.23)
Q2 2017 99.62 65.98 5.18 (10.74)
Q3 2017 87.17 58.67 5.18 (5.38)
Q4 2017 88.33 81.34 5.22 (12.04)
Q1 2018 125.21 55.77 5.26 (4.40)
Q2 2018 102.28 62.99 5.23 (8.14)
Q3 2018 82.74 55.34 5.23 (5.83)
Q4 2018 84.69 56.99 5.25 (4.26)
Q1 2019 86.23 61.34 5.21 (4.53)
Q2 2019 73.23 60.25 5.21 (4.48)
Q3 2019 65.05 53.21 5.23 (4.02)
Q4 2019 77.37 43.29 5.22 (1.88)
Q1 2020 76.99 38.60 5.21 (0.78)
Q2 2020 58.24 42.58 5.22 (1.49)
Q3 2020 58.81 38.08 5.21 (2.15)
Q4 2020 76.56 34.70 5.22 (1.76)
Q1 2021 110.33 51.27 5.23 (4.02)
Q2 2021 46.96 71.40 5.26 (0.78)
Q3 2021 78.40 51.48 5.26 (0.32)
Q4 2021 80.01 138.15 5.24 (89.59)
Q1 2022 119.23 83.25 5.23 (34.90)
Q2 2022 101.13 91.90 5.22 (43.36)
Q3 2022 82.07 82.21 5.22 (37.20)
Q4 2022 72.06 66.51 5.21 (26.56)
Q1 2023 77.96 79.18 5.21 (31.29)
Q2 2023 70.49 78.02 1.18 (25.55)
Q3 2023 65.12 47.76 0.03 (23.59)
Q4 2023 68.23 64.25 0.03 (31.77)

Current
Market Cap (M Riyal) 649.15
Enterprise Value (EV) (M) 1,163.72
Shares Outstanding ((M)) 23.52
EPS ( Riyal) (TTM) (6.94)
Book Value (BV) ( Riyal) 8.69
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 3.18
Return on Average Assets (%) (TTM) (15.52 )
Return on Average Equity (%) (TTM) (57.15 )

Share Price

27.60
0.15 0.55 %

Nama Chemicals Co. (NAMA CHEMICALS)


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