logo
Nama Chemicals accumulated losses reach 47.62% of capital

Nama Chemicals accumulated losses reach 47.62% of capital

Argaam13-07-2025
Nama Chemicals Co. 's accumulated losses reached 47.62% of its SAR 235.2 million capital, based on the unaudited financial results for the period ending June 30, 2025, which were closed on July 9.
In a statement to Tadawul, the company said accumulated losses amounted to SAR 111.99 million as of June 30, 2025.
These losses were attributed to the delayed arrival of raw materials and limited working capital financing sources, which weighed on operational efficiency.
This is in addition to the temporary production halt at the company's factories for scheduled periodic maintenance in April 2025.
However, production gradually resumed these plants, Nama Chemicals said, adding that this is expected to positively impact its operational performance and financial results during the second half of this year.
The company will continue to work to improve production efficiency and reduce costs through the approved corrective measures, which are poised to help uplift revenues and trim expenses to achieve its goals.
Nama Chemicals also indicated that the executive management and board of directors are also working to find the best opportunities and solutions to reduce its accumulated losses and financial burdens.
Procedures and instructions applicable on Tadawul-listed companies whose accumulated losses reached 20% or more of capital will apply.
Nama Chemicals appointed a certified appraiser from the Saudi Authority for Accredited Valuers in the machinery and equipment branch to assess the assets of its subsidiary, Jubail Chemical Industries Co. (JANA).
The appraisal concluded that the fair value of JANA's assets exceeds their book value. The company is currently reviewing the report's outputs, and based on this, it will announce any developments, it added.
According to data available on Argaam, Nama Chemicals announced the scheduled shutdown of its epoxy plant and the JANA project plant as of April 14. Operations at the two plants resumed on May 8 after maintenance completion.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Oil Updates — prices steady amid economic concerns, US rate decision awaited
Oil Updates — prices steady amid economic concerns, US rate decision awaited

Arab News

timean hour ago

  • Arab News

Oil Updates — prices steady amid economic concerns, US rate decision awaited

SINGAPORE: Oil prices were steady on Tuesday amid uncertainty about the global economic outlook following the US-EU trade deal, and as investors awaited the US Federal Reserve's interest rate decision. Brent crude futures were up 1 cent at $70.05 a barrel at 8:10 a.m. Saudi time, while US West Texas Intermediate crude was at $66.69, down 2 cents. Both contracts settled more than 2 percent higher in the previous session, and Brent touched its highest level since July 18 on Monday. The trade agreement between the US and the European Union, while imposing a 15 percent import tariff on most EU goods, sidestepped a full-blown trade war between the two major allies that would have rippled across nearly a third of global trade and dimmed the outlook for fuel demand. The agreement also calls for $750 billion of EU purchases of US energy in the coming years, which analysts say the EU has virtually no chance of meeting, while European companies are to invest $600 billion in the US over the course of President Donald Trump's second term. While the US-EU trade deal finalization came as a relief for global markets amid heightened uncertainty, the timeline and milestones targeted for the investments are unclear, said ANZ analysts in a note. 'We think the 15 percent rate will pose headwinds to the Euro area's growth outlook but is unlikely to push the economy into recession.' Meanwhile, top economic officials from the US and China met in Stockholm on Monday for more than five hours of talks to resolve longstanding economic disputes at the center of a trade war between the world's top two economies. The discussions are expected to resume on Tuesday. Oil market participants are also awaiting the US Federal Open Market Committee meeting on July 29-30, where the Fed is widely expected to hold rates but could signal a dovish tilt amid signs of cooling inflation, said Priyanka Sachdeva, senior market analyst at brokerage Phillip Nova. 'Momentum favors the upside in the near term, but the market is vulnerable to volatility triggered by central bank surprises or a breakdown in trade negotiations,' said Sachdeva. 'The likelihood of an economic slowdown and the Federal Reserve's potential rate cuts remain uncertain, limiting the upside in oil.' Meanwhile, Trump set a new deadline on Monday of '10 or 12 days' for Russia to make progress toward ending the war in Ukraine or face sanctions. Trump has threatened sanctions on both Russia and buyers of its exports unless progress is made.

Saudi Arabia Issues New Industrial Licenses Worth $253 Million
Saudi Arabia Issues New Industrial Licenses Worth $253 Million

Asharq Al-Awsat

time2 hours ago

  • Asharq Al-Awsat

Saudi Arabia Issues New Industrial Licenses Worth $253 Million

The Saudi Ministry of Industry and Mineral Resources issued 83 new industrial licenses in June, with total investments exceeding SAR 950 million (approximately $253.3 million). The new ventures are expected to generate more than 1,188 job opportunities across the Kingdom. According to a report released on Monday by the National Center for Industrial and Mining Information, which is affiliated with the ministry, 58 new factories began production during the same month. The factories represent investments of around SAR 1.9 billion ($506.6 million) and are expected to create 2,007 new jobs. The figures highlight the continued expansion of Saudi Arabia's industrial base and the accelerating pace at which licensed factories are entering operational phases. The Ministry of Industry and Mineral Resources regularly publishes key industrial indicators through the National Center for Industrial and Mining Information. These monthly reports offer insights into the Kingdom's industrial activity, including data on new investments, license issuances, and the number of factories commencing production.

Saudi Troika and the Two-State Solution: From the July Summit to the September Peace Conference
Saudi Troika and the Two-State Solution: From the July Summit to the September Peace Conference

Leaders

time7 hours ago

  • Leaders

Saudi Troika and the Two-State Solution: From the July Summit to the September Peace Conference

By: Magdi Sadek Magdi Sadek For more than eight decades, negotiations toward a two-state solution have stagnated, mired in endless conflict, crises, wars, and destruction—all at the expense of the Palestinian people. Successive cycles of violence have repeatedly crushed any hope of a solution before it could take shape. Now, Saudi diplomacy is stepping into the void—armed with a strategy akin to blitzkrieg (a term of German origin meaning 'lightning war'), characterized by rapid, successive diplomatic strikes. With growing international anticipation, Riyadh is working to chart a concrete path forward for the long-elusive two-state solution, laying the groundwork for a pivotal international peace conference scheduled for the second half of September. Saudi-Led Troika Lays Groundwork in New York At the heart of this push is Saudi Arabia's leadership, represented by Foreign Minister Prince Faisal bin Farhan, who co-chaired a high-level meeting at the United Nations on 28 July alongside French Foreign Minister Jean-Noël Barrot. The two-day conference was part of a tripartite initiative—including Egypt, which was absent from the event—to outline a roadmap for the Palestinian cause and to relaunch the two-state solution. As part of their efforts, Saudi Arabia and France secured the transfer of $300 million from the World Bank to support Palestinian institutions. In a speech during the conference, UN Secretary-General António Guterres thanked both nations, calling the summit 'a unique opportunity' to harness international momentum for peace. But the geopolitical stakes are high. Former U.S. President Donald Trump, during a visit to Scotland, where he toured his golf resorts in Turnberry and Aberdeenshire, was urged by UK Prime Minister Keir Starmer to recognize a Palestinian state. Trump, who once said, 'What matters to me is the humanitarian hunger of the Palestinians,' has thus far remained unmoved. Observers say it's unlikely he will shift his position, particularly after dismissing French President Emmanuel Macron's recognition of a Palestinian state as 'irrelevant.' Trump's own 2020 'Deal of the Century' was widely criticized for favoring Israel. Still, shifts in international policy are possible—even dramatic ones. Trump once promised to bring peace to the Middle East and end the decades-long bloodshed. Could that promise be resurrected? Riyadh's Consistent Support for the Palestinian Cause Saudi Arabia's engagement is grounded in its long-standing support for the Palestinian people and its advocacy for a just and comprehensive peace based on the 1967 borders, with East Jerusalem as the capital of a future Palestinian state. This commitment, however, needs to be supported by coordinated Arab diplomacy and strong political will to sustain momentum after the upcoming peace conference. Crown Prince Mohammed bin Salman, in remarks earlier this year, underscored the suffering of the Palestinian people and called on the international community to end Israel's aggression and create a new reality for Palestine, in line with international resolutions. Historically, Saudi Arabia has played a prominent role in the Palestinian cause, dating back to King Abdulaziz Al Saud's participation in the 1935 London Round Table Conference and his 1945 letter to U.S. President Franklin D. Roosevelt outlining the Palestinian plight. The Kingdom has participated in numerous Arab League summits, championed the 2002 Arab Peace Initiative under then-Crown Prince Abdullah bin Abdulaziz, and led regional and international efforts to revive the two-state solution. In September 2023, Saudi Arabia announced the formation of an international coalition for the two-state solution in collaboration with the Arab League, European Union, Egypt, and Jordan. The Kingdom has also provided over $6 billion in humanitarian aid to Palestinians, including $500 million in 2014 to rebuild Gaza. Its support has included initiatives by King Salman—when he was governor of Riyadh—to assist the families of Palestinian fighters and establish a structured honor registry for donations. Challenges Ahead for the September Conference Originally scheduled for June 2025, the New York peace conference was postponed due to escalating tensions between Israel and Iran. It now comes amid a renewed international push for the two-state solution, with the Palestinian Authority stating that it sees 'strong indicators' of growing global support—even as internal divisions, particularly the need for reconciliation between Palestinian factions and the disarmament of Hamas, remain major obstacles. While not explicitly addressed at the July conference, these internal challenges—alongside the external ones—remain key hurdles. Chief among them is the U.S. and Israeli boycott of the initiative. Egyptian President Abdel-Fattah El-Sisi has called on Trump to intervene and end the war in Gaza, as he possesses the necessary capabilities and stature, he is the only one capable of stopping the war and ending this suffering. British Prime Minister Keir Starmer, during his meeting with Trump, emphasized that recognizing a Palestinian state would be a concrete step toward lasting peace. Some analysts believe that U.S.-Saudi relations could be leveraged to overcome opposition to the conference's outcomes, though ongoing Israeli settlement expansion and efforts to weaken the Palestinian Authority pose significant challenges. A Historic Opportunity Despite the obstacles, many see the September conference as a potential turning point—a 'decisive platform' to revive and institutionalize momentum for peace. Its outcomes should not end when the summit concludes but must be embedded into international and humanitarian agendas aimed at ending the deadly conflict. Today, more than 140 of the UN's 193 member states recognize Palestine as a sovereign state. France is expected to join them in September during the upcoming peace summit in New York, which will coincide with the high-level meetings of the 80th UN General Assembly. While some speculate the summit could move to Paris, the picture remains fluid. What is clear is that international recognition of a Palestinian state is gathering unprecedented steam—and Saudi Arabia appears determined to ensure that momentum is not lost. Relataed Topics: GCC-US Summit: Saudi Crown Prince Supports Peaceful Solutions to Conflicts Saudi Arabia Stands Firm Against Palestinian Displacement at OIC Summit Saudi Arabia Supports Palestine with $30mn Package Palestinian President Lauds Saudi Role in France's Recognition of Statehood Short link : Post Views: 18

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store