Nama reports SAR6.4mn net loss in 3Q19
Nama announced its 3Q19 financial results, showing net loss of SAR6.4mn (vs. net profit of SAR0.7mn in 3Q18 and net loss of SAR1.0mn in 2Q19). Gross profit came in at SAR12.5mn (-35% Y-o-Y, -33% Q-o-Q), while operating loss was SAR2.8mn (vs. operating profit of SAR4.3mn in 3Q18 and SAR2.4mn in 2Q19). Revenues came in at SAR119mn, a 13% Y-o-Y decline (-11% Q-o-Q). The company highlighted that the decline in both Y-o-Y and Q-o-Q in net profit was due to a decrease in sales volumes and prices of goods sold, as well as weaker global market prices despite lower feedstock prices. Investment income from Yansab declined Y-o-Y, but improved sequentially.