Methanol Chemicals Co. (Chemanol) reported a fall of 15% in its annual net profit after Zakat and tax to SAR 206.4 million from SAR 244 million in 2021.
| Item | 2021 | 2022 | Change |
|---|---|---|---|
| Revenues | 1,009.55 | 1,076.82 | 6.7 % |
| Gross Income | 438.07 | 412.19 | (5.9 %) |
| Operating Income | 315.90 | 251.15 | (20.5 %) |
| Net Income | 244.00 | 206.43 | (15.4 %) |
| Average Shares | 67.45 | 67.45 | 0.0 % |
| EPS (Riyals) | 3.62 | 3.06 | (15.4 %) |
The annual results were battered primarily by an overall increase in the costs of supply chains and raw materials. Average selling prices also declined during the third and fourth quarters of the year.
| Item | Q4 2021 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 336.90 | 205.56 | (39.0 %) |
| Gross Income | 161.29 | 28.77 | (82.2 %) |
| Operating Income | 126.19 | (8.58) | (106.8 %) |
| Net Income | 79.86 | (15.95) | (120.0 %) |
| Average Shares | 67.45 | 67.45 | 0.0 % |
| EPS (Riyals) | 1.18 | (0.24) | (120.0 %) |
| Item | Q3 2022 | Q4 2022 | Change |
|---|---|---|---|
| Revenues | 239.81 | 205.56 | (14.3 %) |
| Gross Income | 86.22 | 28.77 | (66.6 %) |
| Operating Income | 41.47 | (8.58) | (120.7 %) |
| Net Income | 27.55 | (15.95) | (157.9 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | 0.41 | (0.24) | (157.9 %) |
In Q4 2022, the company swung to a net loss after Zakat and tax of SAR 16 million, against a net profit of SAR 79.86 million in the prior-year period.
The company recorded a net profit of SAR 27.55 million in Q3 2022.
Total shareholders’ equity, after minority interest, increased to SAR 1.22 billion as of Dec. 31, 2022, from SAR 1.01 billion a year earlier.
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