New Risk • Jun 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ر.س23.80, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 36x in the Chemicals industry in Saudi Arabia. Total loss to shareholders of 28% over the past three years. Reported Earnings • Nov 14
Third quarter 2025 earnings released: ر.س2.62 loss per share (vs ر.س2.04 loss in 3Q 2024) Third quarter 2025 results: ر.س2.62 loss per share (further deteriorated from ر.س2.04 loss in 3Q 2024). Revenue: ر.س44.8m (down 54% from 3Q 2024). Net loss: ر.س61.6m (loss widened 28% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: ر.س6.29 (vs ر.س2.25 in 2Q 2024) Second quarter 2025 results: EPS: ر.س6.29 (up from ر.س2.25 in 2Q 2024). Revenue: ر.س27.8m (down 69% from 2Q 2024). Net income: ر.س148.0m (up 180% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 18% per year whereas the company’s share price has fallen by 17% per year. 공고 • May 29
Nama Chemicals Company, Annual General Meeting, Jun 29, 2025 Nama Chemicals Company, Annual General Meeting, Jun 29, 2025, at 20:00 Arab Standard Time. Location: jubail industrial city Saudi Arabia 공고 • Apr 15
Nama Chemicals Company Announces the Start of Turnaround of Epoxy Plant and the Hassad Project of Jubail Chemical Industries Company (Jana) Nama Chemicals Company announces the commencement of a scheduled Turnaround of the Epoxy Plant and the Hassad Project (affiliated with Jubail Chemical Industries Company JANA), starting from April 14, 2025, for an expected period of 24 days, in order to carry out planned maintenance activities. This shutdown is part of the company’s annual maintenance plan for the year and aims to enhance production efficiency and replace chemical catalysts during the downtime. The financial impact of this shutdown will be assessed and announced at a later stage, based on the actual duration of the shutdown and the average sales prices of the products during the maintenance period. This impact will be reflected in the second quarter financial results of the fiscal year 2025. Reported Earnings • Nov 22
Third quarter 2024 earnings released: ر.س2.04 loss per share (vs ر.س2.12 loss in 3Q 2023) Third quarter 2024 results: ر.س2.04 loss per share (improved from ر.س2.12 loss in 3Q 2023). Revenue: ر.س96.4m (up 7.9% from 3Q 2023). Net loss: ر.س48.1m (loss narrowed 3.6% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: ر.س2.25 (vs ر.س1.12 loss in 2Q 2023) Second quarter 2024 results: EPS: ر.س2.25 (up from ر.س1.12 loss in 2Q 2023). Revenue: ر.س88.6m (down 29% from 2Q 2023). Net income: ر.س52.9m (up ر.س79.3m from 2Q 2023). Profit margin: 60% (up from net loss in 2Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. 공고 • May 31
Nama Chemicals Company, Annual General Meeting, Jun 26, 2024 Nama Chemicals Company, Annual General Meeting, Jun 26, 2024, at 19:00 Arab Standard Time. Location: jubail Saudi Arabia Reported Earnings • May 18
First quarter 2024 earnings released: ر.س1.26 loss per share (vs ر.س0.80 loss in 1Q 2023) First quarter 2024 results: ر.س1.26 loss per share (further deteriorated from ر.س0.80 loss in 1Q 2023). Revenue: ر.س98.1m (down 25% from 1Q 2023). Net loss: ر.س29.7m (loss widened 58% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 30
Full year 2023 earnings released: ر.س6.48 loss per share (vs ر.س1.57 profit in FY 2022) Full year 2023 results: ر.س6.48 loss per share (down from ر.س1.57 profit in FY 2022). Revenue: ر.س445.2m (down 23% from FY 2022). Net loss: ر.س152.4m (down ر.س189.5m from profit in FY 2022). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 16
Third quarter 2023 earnings released: ر.س2.12 loss per share (vs ر.س0.23 loss in 3Q 2022) Third quarter 2023 results: ر.س2.12 loss per share (further deteriorated from ر.س0.23 loss in 3Q 2022). Revenue: ر.س89.3m (down 33% from 3Q 2022). Net loss: ر.س49.9m (loss widened ر.س44.5m from 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. New Risk • Aug 17
New major risk - Revenue and earnings growth Earnings have declined by 11% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 17
Second quarter 2023 earnings released: ر.س1.12 loss per share (vs ر.س1.13 profit in 2Q 2022) Second quarter 2023 results: ر.س1.12 loss per share (down from ر.س1.13 profit in 2Q 2022). Revenue: ر.س124.1m (down 20% from 2Q 2022). Net loss: ر.س26.3m (down 199% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Dec 19
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be ر.س43.83, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ر.س31.20, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 13x in the Chemicals industry in Saudi Arabia. Total returns to shareholders of 33% over the past three years. Buying Opportunity • Nov 27
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ر.س47.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.9% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Nov 09
Third quarter 2022 earnings released: ر.س0.23 loss per share (vs ر.س0.21 profit in 3Q 2021) Third quarter 2022 results: ر.س0.23 loss per share (down from ر.س0.21 profit in 3Q 2021). Revenue: ر.س132.3m (down 1.9% from 3Q 2021). Net loss: ر.س5.37m (down 210% from profit in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. 공고 • Nov 07
Nama Chemicals Co. Announces Board Changes Nama Chemicals Co. announced resignation of Mr. Eyad Ishaq Afghani from the membership of the Board of Directors (Independent Member), and appointment of Mr. Fahd bin Abdullah Al-Khonaini as a member of the Board of Directors. (Independent Member). Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: ر.س1.13 (vs ر.س0.41 in 2Q 2021) Second quarter 2022 results: EPS: ر.س1.13 (up from ر.س0.41 in 2Q 2021). Revenue: ر.س154.9m (up 26% from 2Q 2021). Net income: ر.س26.7m (up 179% from 2Q 2021). Profit margin: 17% (up from 7.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. 공고 • May 20
NAMA Chemicals Company, Annual General Meeting, Jun 13, 2022 NAMA Chemicals Company, Annual General Meeting, Jun 13, 2022, at 16:30 Coordinated Universal Time. Reported Earnings • May 11
First quarter 2022 earnings released: EPS: ر.س1.42 (vs ر.س0.43 in 1Q 2021) First quarter 2022 results: EPS: ر.س1.42 (up from ر.س0.43 in 1Q 2021). Revenue: ر.س172.8m (up 6.1% from 1Q 2021). Net income: ر.س33.4m (up 235% from 1Q 2021). Profit margin: 19% (up from 6.1% in 1Q 2021). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. 공고 • May 10
Nama Chemicals Company Approves Appointment of Eng. Abdullah Mohammed Al Salem as an (Executive) Member of the Board of Director Nama chemicals company announced that the board of directors approved on May 8, 2022 the appointment of Eng. Abdullah Mohammed Al Salem as an (Executive) member of the board of directors in the vacant seat for the current term of the Board, which ends in February 16, 2025, starting from May 8, 2022. Reported Earnings • Nov 03
Third quarter 2021 earnings released: EPS ر.س0.21 (vs ر.س0.42 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س134.8m (up 35% from 3Q 2020). Net income: ر.س4.86m (up ر.س14.8m from 3Q 2020). Profit margin: 3.6% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 11
Second quarter 2021 earnings released: EPS ر.س0.41 (vs ر.س0.14 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ر.س122.8m (up 18% from 2Q 2020). Net income: ر.س9.57m (up ر.س12.9m from 2Q 2020). Profit margin: 7.8% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 124 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 02
Full year 2020 earnings released The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ر.س439.2m (down 17% from FY 2019). Net loss: ر.س45.2m (down ر.س46.4m from profit in FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 23
New 90-day high: ر.س37.00 The company is up 5.0% from its price of ر.س35.25 on 25 November 2020. The Saudi market is down 1.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: ر.س33.40 The company is up 40% from its price of ر.س23.90 on 20 August 2020. The Saudi market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 8.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: ر.س0.42 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: ر.س100.0m (down 16% from 3Q 2019). Net loss: ر.س9.91m (loss widened 55% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Sep 28
New 90-day high: ر.س33.35 The company is up 80% from its price of ر.س18.52 on 30 June 2020. The Saudi market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 5.0% over the same period.