NAMA Chemicals one of the leading chemical producers in the region, has announced its financial results for 2010 year ended 31/12/2010, indicating an increase of 918% in gross profits from 2009, which pertains to SR 112 million against SR 11 million in 2009.
The company has recorded a net profit of SR 34.5 Million in 2010, compared against a net loss of SR 49.8 Million in 2008. Earnings per share for the year reached SR 0.27 against loss per share SR 0.39 for 2009. NAMA Chemicals operation profit for 2010 amounted to SR 44.8 million against operation loss of SR 44.5 million in 2009.
Abdulmohsen Al Al-Ogaili, CEO of NAMA commented “2010 was an excellent year for the company and we have established new records and reached new heights despite the continued difficult conditions imposed by the financial crisis on economies around the world. We have continued to meet our commitments with our clients and have attracted a number of new customers which has improved our sales in terms of volume throughout the year.”
He continued to say “We have completed the back integration of our plants and improved the production through process optimization which has led to an all time high on our production output. The company has fulfilled all of its financial obligations. NAMA Chemicals is focused on increasing profitability for our shareholders and we have set ourselves very aggressive targets for 2011 in which I have every confidence that we will achieve.”
NAMA Chemicals reached several milestones in 2010, most importantly was the commercial start up of our HASSAD plants, increasing epoxy output establishing new heights as epoxy production reached an annual all time high of 49,669 MT, Sales crossed the fifty thousand tones mark for the first time and in 2010, our employees were made partners in the company by offering them company shares in an arrangement which was one of its kind in the local industry.