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Nama’s shareholders withdraw request to sack board

2019-01-24 13:05:32 GMT (Economies.com)
 

Nama Chemicals Co. has received a letter from some major shareholders, in which they asked to withdraw the board sacking request submitted by them earlier, the company said in a bourse statement.

 

The company’s board of directors has also decided to withdraw its resignation submitted earlier this month. As a result, the company will invite shareholders to vote on terminating the current board term and electing a new board.

 

Nama earlier posted its financial results for the third quarter of 2018, showing SAR 749,000 net profit, against SAR 2.02 million net loss in the same period a year ago. 

 

The company’s net operating profit amounted to SAR 4.3 million, against SAR 3.6 million operating profit in Q3-17.

 

The company ascribed the Q3 profit to increase in average sale prices of final products, despite the fall in sold quantities, in addition to a decline in costs of raw materials, as well as a fall in sale and marketing prices.

 

Financial results for the first nine months of 2018 showed SAR 52.3 million net profit, versus SAR 8.6 million net loss in prior-year period.

 
 
 
  Symbol Last Change Chg.%
1.2057
0.0031
0.2611%
1.3866
-0.0087
0.6239%
Tadawul
10127.90
18.31
0.18%
26.067
0.276
1.068%
61.910
-1.268
2.007%
65.52
0.11
0.17%
1784.690
13.240
0.747%
 
 
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