Saudi: Nama Chemicals’ unit secures facility deal

JANA obtained $9.33mln from the lender, on April 3, 2024, to finance its working capital

Staff Writer, Mubasher

April 4, 2024

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Riyadh – Jubail Chemical Industries Company (JANA), a subsidiary of Nama Chemicals Company penned a short-term Murabaha facility agreement with Saudi Export-Import Bank.

JANA obtained SAR 35 million from the lender, on 3 April 2024, to finance its working capital, according to a bourse disclosure.

The facility deal is secured by a promissory note and is valid until 9 October, which can be extended.

During the January-December 2023 period, Nama Chemicals turned to net losses valued at SAR 152.43 million, compared to net profits of SAR 37.01 million a year earlier.

Revenues declined by 22.86% to SAR 445.24 million last year from SAR 577.21 million in 2022.

The accumulated losses hit SAR 1.50 million as of 31 December 2023, representing 0.64% of the company’s capital.

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