Financial Results : Chemanol’s Q1 2022 net profit more than triples to SAR 102.7 mln

Chemanol’s Q1 2022 net profit more than triples to SAR 102.7 mln

17/04/2022 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported an over threefold rise in Q1 2022 estimated net profit after Zakat and tax to SAR 102.7 million, from SAR 29.9 million in the year-ago period, driven by higher average selling prices.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 194.79 305.65 56.9 %
Gross Income 61.70 150.56 144.0 %
Operating Income 36.69 113.72 210.0 %
Net Income 29.88 102.67 243.7 %
Average Shares 67.45 67.45 0.0 %
Earnings Per Share before unusual items (Riyal) 0.44 1.52 243.7 %
EPS (Riyal) 0.44 1.52 243.7 %

This came despite an increase in production and supply chain costs.

 

Compared to Q4 2021, net profit after Zakat and tax more than doubled from SAR 79.84 million. 

 

Shareholders equity, after minority interest, jumped 38.7% to SAR 1.121 billion as of March 31, 2022, compared to SAR 808.41 million in Q1 2021.

 

The Q1 2022 net profit is the highest since Chemanol’s inception, despite an overall increase in costs and higher global inflation.

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 215.29 (8.6 %) 52.58 (15.1 %) 27.81 (24.8 %)
Q2 2013 177.92 (25.2 %) 34.91 (44.4 %) 9.69 (74.2 %)
Q3 2013 220.07 (1.7 %) 58.80 0.1 % 33.70 (5.1 %)
Q4 2013 260.45 16.5 % 68.91 39.0 % 44.93 74.2 %
Q1 2014 231.55 7.6 % 63.62 21.0 % 34.96 25.7 %
Q2 2014 222.60 25.1 % 46.56 33.4 % 21.77 124.7 %
Q3 2014 220.18 0.0 % 47.85 (18.6 %) 21.62 (35.9 %)
Q4 2014 210.33 (19.2 %) 29.08 (57.8 %) (2.19) (104.9 %)
Q1 2015 196.44 (15.2 %) 23.46 (63.1 %) (6.40) (118.3 %)
Q2 2015 196.26 (11.8 %) 25.72 (44.8 %) (6.93) (131.8 %)
Q3 2015 174.28 (20.8 %) (10.79) (122.5 %) (35.70) (265.1 %)
Q4 2015 166.35 (20.9 %) (20.95) (172.0 %) (54.17) (2,372.4 %)
Q1 2016 167.21 (14.9 %) 18.29 (22.0 %) (19.92) (211.1 %)
Q2 2016 170.75 (13.0 %) 22.74 (11.6 %) (19.65) (183.4 %)
Q3 2016 133.91 (23.2 %) 9.49 188.0 % (24.66) 30.9 %
Q4 2016 164.17 (1.3 %) 18.02 186.0 % (21.77) 59.8 %
Q1 2017 179.42 7.3 % 40.48 121.3 % 7.47 137.5 %
Q2 2017 175.80 3.0 % 31.42 38.2 % (4.68) 76.2 %
Q3 2017 167.79 25.3 % 33.23 250.0 % 3.17 112.8 %
Q4 2017 160.20 (2.4 %) 27.93 55.0 % (2.37) 89.1 %
Q1 2018 157.17 (12.4 %) 24.81 (38.7 %) 0.51 (93.1 %)
Q2 2018 195.71 11.3 % 69.54 121.3 % 43.14 1022.4 %
Q3 2018 187.22 11.6 % 60.14 81.0 % 35.66 1026.2 %
Q4 2018 161.51 0.8 % 41.08 47.1 % 12.61 633.4 %
Q1 2019 154.86 (1.5 %) 34.99 41.0 % 11.40 2122.0 %
Q2 2019 150.85 (22.9 %) 30.71 (55.8 %) 3.05 (92.9 %)
Q3 2019 113.32 (39.5 %) 3.93 (93.5 %) (20.54) (157.6 %)
Q4 2019 108.21 (33.0 %) (10.17) (124.8 %) (30.89) (344.9 %)
Q1 2020 120.30 (22.3 %) 4.23 (87.9 %) (18.16) (259.3 %)
Q2 2020 98.50 (34.7 %) 0.33 (98.9 %) (19.68) (745.8 %)
Q3 2020 132.28 16.7 % (9.37) (338.5 %) (33.38) (62.6 %)
Q4 2020 144.63 33.7 % 22.74 323.5 % (2.79) 91.0 %
Q1 2021 194.79 61.9 % 61.70 1357.7 % 36.69 302.0 %
Q2 2021 228.30 131.8 % 98.64 30156.7 % 67.18 441.4 %
Q3 2021 249.56 88.7 % 116.44 1342.6 % 85.84 357.2 %
Q4 2021 336.90 132.9 % 161.29 609.4 % 126.19 4624.7 %
Q1 2022 305.65 56.9 % 150.56 144.0 % 113.72 210.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2013 14.07 (44.3 %) 0.21 - 14.07 0.21
Q2 2013 0.04 (99.8 %) 0.00 - 0.04 0.00
Q3 2013 22.01 (12.5 %) 0.33 - 22.01 0.33
Q4 2013 36.00 137.0 % 0.53 - 35.45 0.53
Q1 2014 24.21 72.1 % 0.36 - 24.21 0.36
Q2 2014 15.86 39550.0 % 0.24 - 15.85 0.23
Q3 2014 10.34 (53.0 %) 0.15 - 10.34 0.15
Q4 2014 (18.21) (150.6 %) (0.27) (5.00) (13.21) (0.20)
Q1 2015 (15.14) (162.5 %) (0.22) - (15.14) (0.22)
Q2 2015 (21.55) (235.9 %) (0.32) (6.30) (15.24) (0.23)
Q3 2015 (42.93) (515.2 %) (0.64) - (42.93) (0.64)
Q4 2015 (60.29) (231.1 %) (0.89) - (60.29) (0.89)
Q1 2016 (27.45) (81.3 %) (0.41) - (27.45) (0.41)
Q2 2016 0.08 100.4 % 0.00 28.46 (28.38) (0.42)
Q3 2016 (36.93) 14.0 % (0.55) - (36.93) (0.55)
Q4 2016 (37.33) 38.1 % (0.55) - (37.33) (0.55)
Q1 2017 (5.61) 79.6 % (0.08) - (5.61) (0.08)
Q2 2017 2.62 3170.0 % 0.04 20.60 (17.98) (0.27)
Q3 2017 (9.91) 73.2 % (0.15) - (9.91) (0.15)
Q4 2017 (14.80) 60.3 % (0.22) - (14.80) (0.22)
Q1 2018 (10.26) (82.9 %) (0.15) - (10.26) (0.15)
Q2 2018 31.63 1109.1 % 0.47 - 31.63 0.47
Q3 2018 22.45 326.7 % 0.33 - 22.45 0.33
Q4 2018 2.33 115.7 % 0.03 - 2.33 0.03
Q1 2019 (0.31) 97.0 % 0.00 - (0.31) 0.00
Q2 2019 (8.61) (127.2 %) (0.13) - (8.61) (0.13)
Q3 2019 (32.33) (244.0 %) (0.48) - (32.33) (0.48)
Q4 2019 (42.82) (1937.9 %) (0.63) - (42.82) (0.63)
Q1 2020 (28.60) (9,096.1 %) (0.42) - (28.60) (0.42)
Q2 2020 (31.28) (263.2 %) (0.46) - (31.28) (0.46)
Q3 2020 (202.45) (526.3 %) (3.00) (157.10) (45.35) (0.67)
Q4 2020 (13.76) 67.9 % (0.20) - (13.76) (0.20)
Q1 2021 29.88 204.5 % 0.44 - 29.88 0.44
Q2 2021 60.17 292.3 % 0.89 - 60.17 0.89
Q3 2021 74.11 136.6 % 1.10 - 74.11 1.10
Q4 2021 79.86 680.4 % 1.18 (25.01) 104.86 1.55
Q1 2022 102.67 243.7 % 1.52 - 102.67 1.52

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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (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

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 50.86 50.86 1.30
Q4 2018 24.22 24.22 0.98
Q1 2019 21.54 21.54 1.06
Q2 2019 67.07 67.07 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 54.74 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


Financial Ratios
Current
Market Cap (M Riyal) 893.04
Enterprise Value (EV) (M) 1,378.91
Shares Outstanding ((M)) 67.45
EPS ( Riyal) (TTM) (4.28)
Book Value (BV) ( Riyal) 10.80
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 1.23
Return on Average Assets (%) (TTM) (15.64 )
Return on Average Equity (%) (TTM) (33.08 )
EV/adj EBITDA (954.14)
EV/Revenues 1.97
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Share Price

Methanol Chemicals Co.
13.24
(0.20) (1.49 %)

Methanol Chemicals Co. (CHEMANOL)

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