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Despite International Crisis NAMA Chemicals Reduces Losses


Saudi Arabia : 02 March 2010

One of the leading Petrochemical manufacturers in the region, NAMA chemicals unveiled financial results for the period ended on 31st December, 2009. According to the results, the company suffered loss of 49.8 million Saudi Riyals as compared to 67.5 million Saudi Riyals in 2008.

Due to global slump, sales decreased by 36 per cent from 621 million Saudi Riyals to 397 million Saudi Riyals. Company’s gross profit decreased from 69 million Saudi Riyals to 11million Saudi Riyals, whereas operating loss increased from 13.31 million Saudi Riyals to 44.5million Saudi Riyals.

Chief Executive Officer, Abdulmohsen Al Al-Ogaili said that in spite of tough circumstances due to global crisis, they met commitments to international customers as well as attracted new customers, which provided challenge to them. They met debt commitments and carried on to complete ongoing projects in 2009 as per schedule. Currently NAMA is concentrating on increasing profitability to strengthen market position as well as to enhance profit for shareholders.

He also said that during 2009, NAMA accomplished numerous milestones including the successful completion of the trial run for all units of “Hassad”, increasing the capital of Al-Jubail Chemical Industries, an affiliate of NAMA to 666 million Saudi Riyals from 516 million Saudi Riyals.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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