Nama Chemicals turns to loss of SAR 45.2 mln in H1 2023; Q2 at SAR 26.3 mln

Nama Chemicals turns to loss of SAR 45.2 mln in H1 2023; Q2 at SAR 26.3 mln

13/08/2023 Argaam Exclusive

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Nama Chemicals Co. swung to a net loss of SAR 45.2 million in H1 2023 from a profit of SAR 60.1 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 327.70 255.19 (22.1 %)
Gross Income 103.42 (0.50) (100.5 %)
Operating Income 63.60 (37.38) (158.8 %)
Net Income 60.08 (45.16) (175.2 %)
Average Shares 23.52 23.52 -
EPS (Riyals) 2.55 (1.92) (175.2 %)

Revenues fell by 22% year-on-year (YoY) due to the sharp decline in average selling prices of products as a result of global economic conditions, despite an increase of 23% in the quantities sold during the period.

 

Meanwhile, selling and marketing expenses decreased due to low shipping costs compared to last year.

 

Financing costs also increased by SAR 163,000 as a result of higher interest rates.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 154.89 124.13 (19.9 %)
Gross Income 51.38 (3.41) (106.6 %)
Operating Income 30.81 (22.26) (172.3 %)
Net Income 26.67 (26.35) (198.8 %)
Average Shares 23.52 23.52 -
EPS (Riyals) 1.13 (1.12) (198.8 %)

The chemical producer also incurred a net loss of SAR 26.35 million in Q2 2023, versus a net profit of SAR 26.67 million.

 

Compared to Q1 2023, the company’s net loss widened from SAR 18.8 million.

 

Shareholders’ equity, with no minority interest, reached SAR 340.7 million by the end of H1 2023, down from SAR 392.8 million in the year-earlier period.

View More Financial Results

 

 


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)

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 %)


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

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

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)


Financial Ratios
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 )
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Share Price

Nama Chemicals Co.
27.60
0.15 0.55 %

Nama Chemicals Co. (NAMA CHEMICALS)

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