Riyadh: Saudi Arabia-based Nama Chemicals on Sunday reported turning to a profit during the second quarter of 2018, against incurring losses in the prior-year period.
Nama Chemicals’ net profits amounted to SAR 23.44 million in the period between April and June, against a net loss of SAR 2.76 million during Q2-17, according to a bourse statement.
Quarter-on-quarter, profits tumbled 16.76% in Q2-18, from SAR 28.16 million.
The Saudi chemicals firm attributed the positive turn in its second-quarter financials to a rise in the average of product prices, coupled with lower selling and marketing expenses.
The Tadawul-listed company’s revenues rose 1% to SAR 162.35 million in the three-month period ended June, from SAR 160.04 million in the corresponding period a year earlier.
At the level of the first six months of 2018, Nama Chemicals generated a profit of SAR 51.61 million, against suffering SAR 6.61 million in losses during H1-17.
Revenues jumped 19%, reaching SAR 344.19 million in H1-18, compared to SAR 290.18 million during the same six month a year before.
The stock inched up 0.98% to close Sunday’s trading session at SAR 30.90.