Financial Results : Chemanol incurs SAR 510.1M loss in 9M 2025; Q3 at SAR 42.4M

Chemanol incurs SAR 510.1M loss in 9M 2025; Q3 at SAR 42.4M

11/11/2025 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported a net loss of SAR 510.1 million for the first nine months of 2025, compared to a loss of SAR 76.9 million in the same period of 2024.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 531.65 477.80 (10.1 %)
Gross Income 74.11 20.97 (71.7 %)
Operating Income (54.46) (114.55) (110.3 %)
Net Income (76.94) (510.09) (563.0 %)
Average Shares 67.45 67.45 -
Earnings Per Share before unusual items (Riyals) (1.14) (1.17) (2.9 %)
EPS (Riyal) (1.14) (7.56) (563.0 %)

The company attributed the wider loss to a 10% decline in revenue, driven by an 8% drop in average selling prices and a 2% fall in sales volumes.

 

Chemanol also faced an 8% increase in feedstock (natural gas) costs at the beginning of the year, totaling approximately SAR 58.5 million.

 

The financial performance of its two subsidiaries, ACC and GCI—acquired under the previous board—added to the losses. The subsidiaries reported a combined SAR 30.8 million loss during the period, compared with SAR 24.1 million a year earlier.

 

The company recorded additional impairment charges of SAR 279.3 million on subsidiary assets, alongside SAR 94.5 million in provisions for receivables related to working capital and feedstock support, following an assessment of recoverable amounts due to continued losses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 179.34 157.53 (12.2 %)
Gross Income 27.76 4.29 (84.6 %)
Operating Income (19.79) (30.11) (52.1 %)
Net Income (24.43) (42.36) (73.4 %)
Average Shares 67.45 67.45 -
Earnings Per Share before unusual items (Riyal) (0.36) (0.63) (73.4 %)
EPS (Riyal) (0.36) (0.63) (73.4 %)

In Q3 2025, Chemanol posted a net loss of SAR 42.36 million, compared with SAR 24.43 million in Q3 2024, while the loss narrowed from SAR 427.26 million in Q2 2025.

 

The company stated that shareholders’ equity (excluding minority interest) stood at SAR 258.61 million at the end of the period, compared to SAR 963.62 million at the end of Sept. 30, 2024.

 

Chemanol also reported that accumulated losses reached SAR 577.9 million, representing 85.7% of the company’s share capital.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q2 2022 325.81 42.7 % 146.64 48.7 % 104.53 55.6 %
Q3 2022 239.81 (3.9 %) 86.22 (26.0 %) 41.47 (51.7 %)
Q4 2022 205.56 (39.0 %) 28.77 (82.2 %) (8.58) (106.8 %)
Q1 2023 185.42 (39.3 %) 2.93 (98.1 %) (40.64) (135.7 %)
Q2 2023 189.66 (41.8 %) 29.68 (79.8 %) (3.48) (103.3 %)
Q3 2023 180.77 (24.6 %) 26.46 (69.3 %) (16.04) (138.7 %)
Q4 2023 172.12 (16.3 %) 22.32 (22.4 %) (84.92) (889.6 %)
Q1 2024 183.27 (1.2 %) 21.53 635.2 % (16.10) 60.4 %
Q2 2024 169.04 (10.9 %) 24.53 (17.4 %) (18.87) (442.4 %)
Q3 2024 179.34 (0.8 %) 27.76 4.9 % (19.79) (23.4 %)
Q4 2024 178.88 3.9 % 24.15 8.2 % (49.66) 41.5 %
Q1 2025 167.90 (8.4 %) 15.44 (28.3 %) (27.90) (73.2 %)
Q2 2025 152.38 (9.9 %) 1.24 (94.9 %) (56.54) (199.7 %)
Q3 2025 157.53 (12.2 %) 4.29 (84.6 %) (30.11) (52.1 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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
Q2 2022 92.16 53.2 % 1.37 - 92.16 1.37
Q3 2022 27.55 (62.8 %) 0.41 - 27.55 0.41
Q4 2022 (15.95) (120.0 %) (0.24) - (15.95) (0.24)
Q1 2023 (48.84) (147.6 %) (0.72) - (48.84) (0.72)
Q2 2023 (10.19) (111.1 %) (0.15) - (10.19) (0.15)
Q3 2023 (24.59) (189.3 %) (0.36) - (24.59) (0.36)
Q4 2023 (94.18) (490.3 %) (1.40) - (94.18) (1.40)
Q1 2024 (24.48) 49.9 % (0.36) - (24.48) (0.36)
Q2 2024 (28.28) (177.5 %) (0.42) - (28.28) (0.42)
Q3 2024 (24.43) 0.7 % (0.36) - (24.43) (0.36)
Q4 2024 (195.36) (107.4 %) (2.90) (134.63) (60.74) (0.90)
Q1 2025 (40.47) (65.3 %) (0.60) - (40.47) (0.60)
Q2 2025 (427.26) (1,410.6 %) (6.33) (430.89) 3.63 0.05
Q3 2025 (42.36) (73.4 %) (0.63) - (42.36) (0.63)

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
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 %
Q1 2022 47.03 % 45.16 % 30.51 %
Q2 2022 47.21 % 44.60 % 30.69 %
Q3 2022 45.09 % 41.26 % 27.09 %
Q4 2022 38.28 % 33.63 % 19.17 %
Q1 2023 27.66 % 21.74 % 5.74 %
Q2 2023 17.99 % 12.10 % (5.78 %)
Q3 2023 11.54 % 5.59 % (13.08 %)
Q4 2023 11.18 % (4.86 %) (24.42 %)
Q1 2024 13.78 % (1.64 %) (21.14 %)
Q2 2024 13.45 % (3.72 %) (24.32 %)
Q3 2024 13.66 % (4.45 %) (24.35 %)
Q4 2024 13.79 % 1.34 % (19.41 %)
2024 13.83 % 1.39 % (19.38 %)
Q1 2025 13.22 % (0.21 %) (22.14 %)
Q2 2025 10.11 % (5.81 %) (17.98 %)
Q3 2025 6.87 % (8.02 %) (21.31 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2022 67.45 3.06 3.06 18.11
Q1 2023 67.45 0.81 0.81 17.39
Q2 2023 67.45 (0.70) (0.70) 17.24
Q3 2023 67.45 (1.48) (1.48) 16.87
Q4 2023 67.45 (2.64) (2.64) 15.43
Q1 2024 67.45 (2.27) (2.27) 15.06
Q2 2024 67.45 (2.54) (2.54) 14.65
Q3 2024 67.45 (2.54) (2.54) 14.29
Q4 2024 67.45 (4.04) (2.04) 11.40
Q1 2025 67.45 (4.28) (2.28) 10.80
Q2 2025 67.45 (10.19) (1.81) 4.46
Q3 2025 67.45 (10.46) (2.07) 3.83

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q2 2022 7.13 6.65 2.05
Q3 2022 7.25 6.70 1.77
Q4 2022 8.27 8.27 1.40
Q1 2023 30.02 30.02 1.41
Q2 2023 NEG NEG 1.46
Q3 2023 NEG NEG 1.35
Q4 2023 NEG NEG 1.31
Q1 2024 NEG NEG 1.12
Q2 2024 NEG NEG 1.03
Q3 2024 NEG NEG 1.22
Q4 2024 NEG NEG 1.62
Q1 2025 NEG NEG 1.30
Q2 2025 NEG NEG 2.94
Q3 2025 NEG NEG 2.82

Current
Market Cap (M Riyal) 600.31
Enterprise Value (EV) (M Riyal) 984.99
Shares Outstanding ((M)) 67.45
EPS ( Riyal) (TTM) (10.46)
Book Value (BV) ( Riyal) 3.83
Par Value ( Riyal) 10.00
Recurring P/E Neg
P/E (TTM) NEG
Price/book 2.32
Return on Average Assets (%) (TTM) (41.74 )
Return on Average Equity (%) (TTM) (115.44 )
EV/adj EBITDA (18.71)
EV/Revenues 1.50

Share Price

8.90
(0.08) (0.89 %)

Methanol Chemicals Co. (CHEMANOL)


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