Al Jubail, Saudi Arabia: Nama Chemicals (SFM Listed under the symbol 2210), one of the leading Petrochemical producers in the region, has announced its preliminary financial results for the third quarter of 2010, indicating a net profit during the third quarter of this year amounting to SAR 12.8 million compared with a net profit worth SAR 7.4 million in the third quarter of 2009 with an increase of 73% and net profit of SAR 10.6 million during the second quarter of this year with an increase of 21%.
Abdulmohsen Al Ogaili; CEO said that "The rise in net profits during the third quarter of 2010 compared to the previous quarter of the same year is attributed to the increase of the volume of sales in the targeted markets, as well as an improvement in product prices compared to what has been recorded in the previous period."
Other figures released showed an impressive growth, as the gross profit during the third quarter of 2010 amounted to SAR 30.75 million compared with gross profit of SR17.2 million for the same quarter of the previous year, with an increase of 79%. The operating profit achieved during the third quarter of 2010, amounted to SR14 million compared with an operating profit of SR4.1 million during the corresponding period last year, with an increase of 242%.
The net profit for the first nine months of the current year amounted to SAR 25.4 million against a net loss of SAR 28.4 million during the first nine months of last year. Earnings per share during the first nine months of 2010 to SAR 0.1980, compared with a loss of SAR 0.2210 during the same period of 2009.
The gross profit during the first nine months of 2010 amounted to SAR 81.9 million, compared to the gross profit of SAR 2.6 million during the corresponding period of last year, an increase of 3050%. Operating profit during the first nine months of this year amounting to SAR 36.2 million, against a loss of SAR 38.9 million for the same period of the year 2009.
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About NAMA Chemicals:
Established in 1992, is a Saudi multicultural joint stock corporation that creates value to the national economy by utilizing local natural resources in its dynamic growth strategy in the chemical and petrochemical businesses. We strive to meet the growing global demand for quality products that contribute to, and enhance the safety and quality of lives for millions around the world. Our commitment to the highest standard of health, safety and responsible care practices are a core value of our business. In addition, we strongly emphasize our most valuable assets - our employees' advancement and training.
For more information, please contact:
NAMA chemicals
Hamad Al Merri
Public Relations Officer
Tel No.: +966 50 5813156
Info@nama.com.sa
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Tarteeb Media and Communication
Gary Falk
General Manager
+971 50 5546044
nada@tarteeb.com
© Press Release 2010
