Financial Results : Chemanol turns to loss of SAR 59 mln in H1; Q2 loss at SAR 10.2 mln

Chemanol turns to loss of SAR 59 mln in H1; Q2 loss at SAR 10.2 mln

30/07/2023 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported a net loss of SAR 59 million in H1 2023, against a net profit of SAR 194.8 million a year earlier.  



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 631.45 375.08 (40.6 %)
Gross Income 297.20 32.61 (89.0 %)
Operating Income 218.26 (44.11) (120.2 %)
Net Income 194.83 (59.03) (130.3 %)
Average Shares 67.45 67.45 -
Earnings Per Share before unusual items (Riyals) 2.89 (0.88) (130.3 %)
EPS (Riyal) 2.89 (0.88) (130.3 %)

This was mainly due to the significant decline in the average selling prices of the company’s products, along with the slowdown in demand for certain products during the current period.

 

In addition, production rates and sales volumes tumbled during the current period on the 17-day periodic maintenance of some plants that was previously announced on Feb. 23, 2023.

 

The company also swung to a net loss of SAR 10.19 million in Q2 2023, against a net profit of SAR 92.16 million in Q2 2022, mainly due to the plunge in the average selling prices of the company’s products.

 

Compared to Q1 2023, the second-quarter net loss declined from SAR 48.8 million.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 325.81 189.66 (41.8 %)
Gross Income 146.64 29.68 (79.8 %)
Operating Income 104.53 (3.48) (103.3 %)
Net Income 92.16 (10.19) (111.1 %)
Average Shares 67.45 67.45 -
Earnings Per Share before unusual items (Riyal) 1.37 (0.15) (111.1 %)
EPS (Riyal) 1.37 (0.15) (111.1 %)

Shareholders’ equity, no minority interest, fell to SAR 1.16 billion as of June 30, 2023, from SAR 1.21 billion in the year-earlier period.

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