NAMA Chemicals announces its financial results for 2010 with an increase of 918% in gross profits

Press release
Published February 22nd, 2011 - 01:09 GMT
Abdulmohsen Al Al-Ogaili, CEO of NAMA
Abdulmohsen Al Al-Ogaili, CEO of NAMA

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.

Background Information

NAMA Chemicals

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. 

These are exciting and challenging times in the Kingdom of Saudi Arabia, as we move away from an oil-dependent economy to a fully diversified industrial base. NAMA is playing an important role in this transition, by following the most rigorous global standards for quality control and process management to produce high quality products that contribute to the safety and the quality of life of millions of people around the world. We are deploying world-class technology in all our production plants and drawing on the finest expertise from around the world to implement best practices and the most exacting international standards for the industry. 

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