Chemanol posts 36% rise in 9M 2022 profit to SAR 222.4 mln; Q3 profit drops to SAR 27.6 mln

20/10/2022 Argaam Exclusive

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Share Price

Methanol Chemicals Co. (CHEMANOL)

Methanol Chemicals Co. (Chemanol) reported an increase of 36% in estimated net profit after Zakat and tax to SAR 222.4 million in the first nine months of 2022, compared to SAR 164.2 million in the year-ago period, driven by higher average selling prices and the company’s plans to target new markets for sales.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	672.65	871.26	29.5 %
Gross Income	276.78	383.42	38.5 %
Operating Income	189.71	259.73	36.9 %
Net Income	164.15	222.38	35.5 %
Average Shares	67.45	67.45	0.0 %
EPS (Riyals)	2.43	3.30	35.5 %

In Q3 2022, the estimated net profit after Zakat and tax plunged 63% to SAR 27.6 million, from SAR 74.11 million. Chemanol was hit by a decrease in average selling prices and increased cost of sales. Also, the slowdown in demand during July and August due to global market conditions impacted the sales in Q3 2022. One-time costs represented by the unamortized cost of the previous loan were recorded upon its repayment, as well as certain (non-recurring) provisions.

Compared to Q2 2022, net profit tumbled 70% from SAR 92.16 million, hit by lower average selling prices and higher cost of sales.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	249.56	239.81	(3.9 %)
Gross Income	116.44	86.22	(26.0 %)
Operating Income	85.84	41.47	(51.7 %)
Net Income	74.11	27.55	(62.8 %)
Average Shares	67.45	67.45	0.0 %
EPS (Riyals)	1.10	0.41	(62.8 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	325.81	239.81	(26.4 %)
Gross Income	146.64	86.22	(41.2 %)
Operating Income	104.53	41.47	(60.3 %)
Net Income	92.16	27.55	(70.1 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	1.37	0.41	(70.1 %)

Shareholders’ equity, after minority interest, rose to SAR 1.240 billion as of Sept. 30, 2022, from SAR 942.68 million in the year-earlier period.

View More Financial Results

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2013	215.29	(8.6 %)	52.58	(15.1 %)	14.07	(44.3 %)	0.21
Q2 2013	177.92	(25.2 %)	34.91	(44.4 %)	0.04	(99.8 %)	0.00
Q3 2013	220.07	(1.7 %)	58.80	0.1 %	22.01	(12.5 %)	0.33
Q4 2013	260.45	16.5 %	68.91	39.0 %	36.00	137.0 %	0.53
2013	873.72	(5.1 %)	215.75	(7.4 %)	72.12	(21.1 %)	1.07
Q1 2014	231.55	7.6 %	63.62	21.0 %	24.21	72.1 %	0.36
Q2 2014	222.60	25.1 %	46.56	33.4 %	15.86	39550.0 %	0.24
Q3 2014	220.18	0.0 %	47.85	(18.6 %)	10.34	(53.0 %)	0.15
Q4 2014	210.33	(19.2 %)	29.08	(57.8 %)	(18.21)	(150.6 %)	(0.27)
2014	884.67	1.3 %	188.38	(12.7 %)	32.20	(55.4 %)	0.48
Q1 2015	196.44	(15.2 %)	23.46	(63.1 %)	(15.14)	(162.5 %)	(0.22)
Q2 2015	196.26	(11.8 %)	25.72	(44.8 %)	(21.55)	(235.9 %)	(0.32)
Q3 2015	174.28	(20.8 %)	(10.79)	(122.5 %)	(42.93)	(515.2 %)	(0.64)
Q4 2015	166.35	(20.9 %)	(20.95)	(172.0 %)	(60.29)	(231.1 %)	(0.89)
2015	733.32	(17.1 %)	18.78	(90.0 %)	(139.91)	(534.5 %)	(2.07)
Q1 2016	167.21	(14.9 %)	18.29	(22.0 %)	(27.45)	(81.3 %)	(0.41)
Q2 2016	170.75	(13.0 %)	22.74	(11.6 %)	0.08	100.4 %	0.00
Q3 2016	133.91	(23.2 %)	9.49	188.0 %	(36.93)	14.0 %	(0.55)
Q4 2016	164.17	(1.3 %)	18.02	186.0 %	(37.33)	38.1 %	(0.55)
2016	636.04	(13.3 %)	68.55	265.1 %	(101.63)	27.4 %	(1.51)
Q1 2017	179.42	7.3 %	40.48	121.3 %	(5.61)	79.6 %	(0.08)
Q2 2017	175.80	3.0 %	31.42	38.2 %	2.62	3170.0 %	0.04
Q3 2017	167.79	25.3 %	33.23	250.0 %	(9.91)	73.2 %	(0.15)
Q4 2017	160.20	(2.4 %)	27.93	55.0 %	(14.80)	60.3 %	(0.22)
2017	683.22	7.4 %	133.06	94.1 %	(27.70)	72.7 %	(0.41)
Q1 2018	157.17	(12.4 %)	24.81	(38.7 %)	(10.26)	(82.9 %)	(0.15)
Q2 2018	195.71	11.3 %	69.54	121.3 %	31.63	1109.1 %	0.47
Q3 2018	187.22	11.6 %	60.14	81.0 %	22.45	326.7 %	0.33
Q4 2018	161.51	0.8 %	41.08	47.1 %	2.33	115.7 %	0.03
2018	701.61	2.7 %	195.57	47.0 %	46.15	266.6 %	0.68
Q1 2019	154.86	(1.5 %)	34.99	41.0 %	(0.31)	97.0 %	0.00
Q2 2019	150.85	(22.9 %)	30.71	(55.8 %)	(8.61)	(127.2 %)	(0.13)
Q3 2019	113.32	(39.5 %)	3.93	(93.5 %)	(32.33)	(244.0 %)	(0.48)
Q4 2019	108.21	(33.0 %)	(10.17)	(124.8 %)	(42.82)	(1937.9 %)	(0.63)
2019	527.24	(24.9 %)	59.46	(69.6 %)	(84.08)	(282.2 %)	(1.25)
Q1 2020	120.30	(22.3 %)	4.23	(87.9 %)	(28.60)	(9,096.1 %)	(0.42)
Q2 2020	98.50	(34.7 %)	0.33	(98.9 %)	(31.28)	(263.2 %)	(0.46)
Q3 2020	132.28	16.7 %	(9.37)	(338.5 %)	(202.45)	(526.3 %)	(3.00)
Q4 2020	144.63	33.7 %	22.74	323.5 %	(13.76)	67.9 %	(0.20)
2020	495.71	(6.0 %)	17.93	(69.9 %)	(276.09)	(228.4 %)	(4.09)
Q1 2021	194.79	61.9 %	61.70	1357.7 %	29.88	204.5 %	0.44
Q2 2021	228.30	131.8 %	98.64	30156.7 %	60.17	292.3 %	0.89
Q3 2021	249.56	88.7 %	116.44	1342.6 %	74.11	136.6 %	1.10
Q4 2021	336.90	132.9 %	161.29	609.4 %	79.86	680.4 %	1.18
2021	1,009.55	103.7 %	438.07	2343.8 %	244.00	188.4 %	3.62
Q1 2022	305.65	56.9 %	150.56	144.0 %	102.67	243.7 %	1.52
Q2 2022	325.81	42.7 %	146.64	48.7 %	92.16	53.2 %	1.37
Q3 2022	239.81	(3.9 %)	86.22	(26.0 %)	27.55	(62.8 %)	0.41

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2012	920.75	11.0 %	233.04	21.5 %	91.43	30.2 %	1.36
2013	873.72	(5.1 %)	215.75	(7.4 %)	72.12	(21.1 %)	1.07
2014	884.67	1.3 %	188.38	(12.7 %)	32.20	(55.4 %)	0.48
2015	733.32	(17.1 %)	18.78	(90.0 %)	(139.91)	(534.5 %)	(2.07)
2016	636.04	(13.3 %)	68.55	265.1 %	(101.63)	27.4 %	(1.51)
2017	683.22	7.4 %	133.06	94.1 %	(27.70)	72.7 %	(0.41)
2018	701.61	2.7 %	195.57	47.0 %	46.15	266.6 %	0.68
2019	527.24	(24.9 %)	59.46	(69.6 %)	(84.08)	(282.2 %)	(1.25)
2020	495.71	(6.0 %)	17.93	(69.9 %)	(276.09)	(228.4 %)	(4.09)
2021	1,009.55	103.7 %	438.07	2343.8 %	244.00	188.4 %	3.62

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	24.84 %	31.58 %	8.91 %
Q2 2013	23.29 %	30.28 %	6.48 %
Q3 2013	23.41 %	29.74 %	6.13 %
Q4 2013	24.63 %	31.81 %	8.19 %
2013	24.69 %	31.87 %	8.25 %
Q1 2014	25.42 %	32.34 %	9.18 %
Q2 2014	25.45 %	32.40 %	10.43 %
Q3 2014	24.28 %	31.79 %	9.18 %
Q4 2014	21.15 %	27.80 %	4.20 %
2014	21.29 %	27.80 %	4.20 %
Q1 2015	17.30 %	24.42 %	(0.25 %)
Q2 2015	15.32 %	22.01 %	(4.04 %)
Q3 2015	8.68 %	16.11 %	(11.13 %)
Q4 2015	2.38 %	10.09 %	(18.22 %)
2015	2.56 %	10.09 %	(18.22 %)
Q1 2016	1.74 %	8.22 %	(20.72 %)
Q2 2016	1.37 %	5.84 %	(23.44 %)
Q3 2016	4.63 %	6.81 %	(23.98 %)
Q4 2016	10.78 %	11.00 %	(20.45 %)
2016	10.78 %	11.00 %	(20.45 %)
Q1 2017	14.00 %	13.35 %	(16.70 %)
Q2 2017	15.22 %	14.23 %	(14.98 %)
Q3 2017	17.92 %	16.68 %	(10.31 %)
Q4 2017	19.48 %	18.52 %	(7.07 %)
2017	19.48 %	18.52 %	(7.07 %)
Q1 2018	17.76 %	17.95 %	(8.01 %)
Q2 2018	22.84 %	24.71 %	(0.49 %)
Q3 2018	26.05 %	28.87 %	4.14 %
Q4 2018	27.87 %	30.72 %	6.58 %
2018	27.87 %	30.72 %	6.58 %
Q1 2019	29.42 %	32.43 %	8.02 %
Q2 2019	25.51 %	28.13 %	2.42 %
Q3 2019	19.07 %	21.58 %	(6.70 %)
Q4 2019	11.28 %	15.97 %	(15.95 %)
2019	11.28 %	15.97 %	(15.95 %)
Q1 2020	5.83 %	11.64 %	(22.81 %)
Q2 2020	(0.38 %)	8.31 %	(30.67 %)
Q3 2020	(3.26 %)	5.49 %	(32.24 %)
Q4 2020	3.62 %	9.89 %	(24.01 %)
2020	3.62 %	9.89 %	(24.01 %)
Q1 2021	13.22 %	17.18 %	(10.61 %)
Q2 2021	24.82 %	25.83 %	4.42 %
Q3 2021	36.65 %	36.34 %	18.40 %
Q4 2021	43.39 %	42.45 %	26.65 %
2021	43.39 %	42.45 %	26.65 %
Q1 2022	47.03 %	45.16 %	30.51 %
Q2 2022	47.21 %	44.60 %	30.69 %
Q3 2022	45.09 %	41.26 %	27.09 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	25.31 %	32.12 %	9.93 %
2013	24.69 %	31.87 %	8.25 %
2014	21.29 %	27.80 %	4.20 %
2015	2.56 %	10.09 %	(18.22 %)
2016	10.78 %	11.00 %	(20.45 %)
2017	19.48 %	18.52 %	(7.07 %)
2018	27.87 %	30.72 %	6.58 %
2019	11.28 %	15.97 %	(15.95 %)
2020	3.62 %	9.89 %	(24.01 %)
2021	43.39 %	42.45 %	26.65 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	24.42 %	30.87 %	6.54 %
Q2 2013	19.62 %	27.43 %	0.02 %
Q3 2013	26.72 %	31.79 %	10.00 %
Q4 2013	26.46 %	35.58 %	13.61 %
Q1 2014	27.48 %	32.98 %	10.46 %
Q2 2014	20.92 %	28.69 %	7.12 %
Q3 2014	21.73 %	29.18 %	4.70 %
Q4 2014	13.83 %	19.73 %	(6.28 %)
Q1 2015	11.94 %	19.28 %	(7.71 %)
Q2 2015	13.10 %	19.14 %	(7.77 %)
Q3 2015	(6.19 %)	4.76 %	(24.63 %)
Q4 2015	(12.59 %)	(5.86 %)	(36.24 %)
Q1 2016	10.94 %	13.03 %	(16.42 %)
Q2 2016	13.32 %	11.29 %	(16.62 %)
Q3 2016	7.09 %	9.09 %	(27.58 %)
Q4 2016	10.98 %	10.18 %	(22.74 %)
Q1 2017	22.56 %	21.38 %	(3.13 %)
Q2 2017	17.87 %	14.64 %	(10.23 %)
Q3 2017	19.80 %	20.16 %	(5.90 %)
Q4 2017	17.44 %	17.85 %	(9.24 %)
Q1 2018	15.79 %	19.41 %	(6.53 %)
Q2 2018	35.53 %	38.48 %	16.16 %
Q3 2018	32.12 %	36.19 %	11.99 %
Q4 2018	25.44 %	26.00 %	1.44 %
Q1 2019	22.59 %	26.92 %	(0.20 %)
Q2 2019	20.36 %	21.65 %	(5.71 %)
Q3 2019	3.47 %	7.88 %	(28.53 %)
Q4 2019	(9.40 %)	0.84 %	(39.57 %)
Q1 2020	3.52 %	12.35 %	(23.77 %)
Q2 2020	0.33 %	12.06 %	(31.76 %)
Q3 2020	(7.08 %)	(1.85 %)	(34.29 %)
Q4 2020	15.72 %	17.10 %	(9.51 %)
Q1 2021	31.68 %	32.73 %	15.34 %
Q2 2021	43.21 %	41.50 %	26.35 %
Q3 2021	46.66 %	45.59 %	29.70 %
Q4 2021	47.88 %	46.39 %	31.12 %
Q1 2022	49.26 %	46.20 %	33.59 %
Q2 2022	45.01 %	40.48 %	28.29 %
Q3 2022	35.95 %	28.84 %	11.49 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2013	67.45	1.19	1.19	23.53
Q2 2013	67.45	0.81	0.81	22.63
Q3 2013	67.45	0.76	0.76	22.95
Q4 2013	67.45	1.07	1.06	23.47
Q1 2014	67.45	1.22	1.21	23.82
Q2 2014	67.45	1.45	1.45	22.98
Q3 2014	67.45	1.28	1.27	23.13
Q4 2014	67.45	0.48	0.55	22.85
Q1 2015	67.45	(0.11)	(0.03)	22.59
Q2 2015	67.45	(0.66)	(0.49)	22.28
Q3 2015	67.45	(1.45)	(1.28)	21.64
Q4 2015	67.45	(2.07)	(1.98)	20.75
Q1 2016	67.45	(2.26)	(2.16)	17.62
Q2 2016	67.45	(1.94)	(2.36)	17.62
Q3 2016	67.45	(1.85)	(2.27)	17.07
Q4 2016	67.45	(1.51)	(1.93)	16.63
Q1 2017	67.45	(1.18)	(1.60)	16.44
Q2 2017	67.45	(1.15)	(1.45)	16.48
Q3 2017	67.45	(0.74)	(1.05)	16.33
Q4 2017	67.45	(0.41)	(0.72)	16.24
Q1 2018	67.45	(0.48)	(0.78)	16.09
Q2 2018	67.45	(0.05)	(0.05)	16.56
Q3 2018	67.45	0.43	0.43	16.89
Q4 2018	67.45	0.68	0.68	16.92
Q1 2019	67.45	0.83	0.83	16.91
Q2 2019	67.45	0.24	0.24	16.78
Q3 2019	67.45	(0.58)	(0.58)	16.29
Q4 2019	67.45	(1.25)	(1.25)	15.62
Q1 2020	67.45	(1.67)	(1.67)	15.20
Q2 2020	67.45	(2.00)	(2.00)	14.74
Q3 2020	67.45	(4.52)	(2.20)	11.73
Q4 2020	67.45	(4.09)	(1.76)	11.54
Q1 2021	67.45	(3.23)	(0.90)	11.99
Q2 2021	67.45	(1.87)	0.46	12.88
Q3 2021	67.45	2.23	2.23	13.98
Q4 2021	67.45	3.62	3.99	15.10
Q1 2022	67.45	4.70	5.07	16.62
Q2 2022	67.45	5.17	5.54	17.99
Q3 2022	67.45	4.48	4.85	18.40

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	67.45	1.36	1.36	23.32
2013	67.45	1.07	1.07	23.47
2014	67.45	0.48	0.55	22.85
2015	67.45	(2.07)	(1.98)	20.75
2016	67.45	(1.51)	(1.93)	16.63
2017	67.45	(0.41)	(0.72)	16.24
2018	67.45	0.68	0.68	16.92
2019	67.45	(1.25)	(1.25)	15.62
2020	67.45	(4.09)	(1.76)	11.54
2021	67.45	3.62	3.99	15.10

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	20.74	20.74	1.05
Q2 2013	27.46	27.46	0.98
Q3 2013	30.44	30.44	1.01
Q4 2013	25.50	25.70	1.16
Q1 2014	24.04	24.21	1.23
Q2 2014	19.85	19.96	1.26
Q3 2014	24.12	24.27	1.34
Q4 2014	44.31	38.36	0.93
Q1 2015	NEG	NEG	1.09
Q2 2015	NEG	NEG	1.05
Q3 2015	NEG	NEG	0.75
Q4 2015	NEG	NEG	0.62
Q1 2016	NEG	NEG	0.58
Q2 2016	NEG	NEG	0.71
Q3 2016	NEG	NEG	0.56
Q4 2016	NEG	NEG	0.86
Q1 2017	NEG	NEG	0.76
Q2 2017	NEG	NEG	0.72
Q3 2017	NEG	NEG	0.77
Q4 2017	NEG	NEG	1.10
Q1 2018	NEG	NEG	1.14
Q2 2018	NEG	NEG	1.03
Q3 2018	More than 50	More than 50	1.30
Q4 2018	24.22	24.22	0.98
Q1 2019	21.54	21.54	1.06
Q2 2019	More than 50	More than 50	0.94
Q3 2019	NEG	NEG	0.88
Q4 2019	NEG	NEG	0.96
Q1 2020	NEG	NEG	0.72
Q2 2020	NEG	NEG	0.83
Q3 2020	NEG	NEG	2.03
Q4 2020	NEG	NEG	2.00
Q1 2021	NEG	NEG	2.11
Q2 2021	NEG	More than 50	1.95
Q3 2021	16.08	16.08	2.57
Q4 2021	9.95	9.03	2.38
Q1 2022	9.57	8.87	2.70
Q2 2022	7.13	6.65	2.05
Q3 2022	7.25	6.70	1.77

Period	P/E	Adjusted P/E	Price/book
2012	17.61	17.61	1.02
2013	25.50	25.50	1.16
2014	44.31	38.35	0.93
2015	NEG	NEG	0.62
2016	NEG	NEG	0.86
2017	NEG	NEG	1.10
2018	24.22	24.22	0.98
2019	NEG	NEG	0.96
2020	NEG	NEG	2.00
2021	9.95	9.03	2.38

Analysts Estimates (Million)

Item	Q3 2022 (e)	Q3 2022 (a)	Change‬
Average	67.00	27.55	(58.9 %)

Estimates vs Actual (Million)

Item	Q3 2022 (e)	Q3 2022 (a)	Change
Hermes	67.00	27.55	(58.9) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,106.18
Enterprise Value (EV) (M)	1,208.66
Shares Outstanding ((M))	67.45
EPS ( Riyal) (TTM)	(2.64)
Book Value (BV) ( Riyal)	15.43
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.06
Return on Average Assets (%) (TTM)	(10.32 )
Return on Average Equity (%) (TTM)	(15.72 )

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Chemanol posts 36% rise in 9M 2022 profit to SAR 222.4 mln; Q3 profit drops to SAR 27.6 mln

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Share Price

Methanol Chemicals Co. (CHEMANOL)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Chemanol posts 36% rise in 9M 2022 profit to SAR 222.4 mln; Q3 profit drops to SAR 27.6 mln

View other reports

Share Price

Methanol Chemicals Co. (CHEMANOL)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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