Chemanol turns to SAR 90 mln profit in H1 2021

25/07/2021 Argaam Exclusive

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Share Price

16.30
0.06 0.37 %

Methanol Chemicals Co. (CHEMANOL)

Methanol Chemicals Co. (Chemanol) turned to an estimated net profit after Zakat and tax of SAR 90 million for the first half of 2021, compared to a net loss of SAR 59.9 million in the same period last year. 

 

The company attributed the earnings to improvement in operational performance of most of its plants, which led to an increase of 18% year-on-year (YoY) in sales volumes, in addition to higher average selling prices. 

 

Finance costs significantly dropped during the quarter as the company successfully restructured its outstanding loans amid lower interest rates.



Financials (M)

Item 6m 2020 6m 2021 Change‬
Revenues 218.80 423.09 93.4 %
Gross Income 4.56 160.34 3417.0 %
Operating Income (37.84) 103.87 374.5 %
Net Income (59.88) 90.04 250.4 %
Average Shares 67.45 67.45 -
EPS (Riyals) (0.89) 1.33 250.4 %

Chemanol swung to a net profit after Zakat and tax of SAR 60.2 million in Q2 2021 compared to a net loss of SAR 31.2 million in the same period last year, driven by improvement in operational performance of most of the company’s plants.

 

On a quarter-on-quarter basis, net profit increased twofold due to higher average selling prices of the company’s products.



Current Quarter Comparison (M)

Compared With The
Item Q2 2020 Q2 2021 Change‬
Revenues 98.50 228.30 131.8 %
Gross Income 0.33 98.64 30156.7 %
Operating Income (19.68) 67.18 441.4 %
Net Income (31.28) 60.17 292.3 %
Average Shares 67.45 67.45 -
EPS (Riyals) (0.46) 0.89 292.3 %



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2012 235.42 22.3 % 61.94 49.9 % 25.26 161.8 % 0.37
Q2 2012 237.93 20.5 % 62.80 47.8 % 25.83 143.7 % 0.38
Q3 2012 223.86 4.7 % 58.72 6.7 % 25.16 (5.6 %) 0.37
Q4 2012 223.53 (1.2 %) 49.58 (6.4 %) 15.19 (34.8 %) 0.23
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
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)
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)
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)
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)
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
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)
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)
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 24.34 % 33.28 % 9.83 %
Q2 2012 25.49 % 33.78 % 11.06 %
Q3 2012 25.61 % 33.02 % 10.78 %
Q4 2012 25.31 % 32.12 % 9.93 %
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 %
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 %
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 %)
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 %)
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 %)
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 %
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 %)
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 %)
Q1 2021 13.22 % 17.18 % (10.61 %)
Q2 2021 24.82 % 25.83 % 4.42 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 67.45 1.27 1.27 22.36
Q2 2012 67.45 1.50 1.50 22.74
Q3 2012 67.45 1.48 1.48 23.11
Q4 2012 67.45 1.36 1.36 23.32
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 28.39 28.39 1.62
Q2 2012 16.47 16.47 1.09
Q3 2012 17.02 17.02 1.09
Q4 2012 17.61 17.61 1.02
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

Current
Market Cap (M Riyal) 1,099.44
Enterprise Value (EV) (M) 1,485.15
Shares Outstanding ((M)) 67.45
EPS ( Riyal) (TTM) (2.27)
Book Value (BV) ( Riyal) 15.06
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.08
Return on Average Assets (%) (TTM) (8.34 )
Return on Average Equity (%) (TTM) (14.02 )

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