RIYADH: Saudi-listed Nama Chemicals Co. posted a 124 percent profit jump in the first nine months of 2022.
Its profit peaked at SR55 million ($15 million), compared to SR24 million in the prior-year period, according to a bourse filing.
The profit hike was coupled with an increase in revenue of 9 percent to SR460 million compared to the same period of last year.
The firm attributed the increase in profit to an improvement in average profit margins on some finished products, despite an increase in general and administrative costs and finance costs.
Despite the higher profits in the first nine months of 2022, Namas turned into losses of SR5.2 million in the third quarter of 2022, compared to profits of SR4.9 million in the same period last year.
Following the announcement, Nama’s stock traded flat on Sunday at a share price of SR44.65.