Financial Results : Chemanol loses SAR 40.5M in Q1 2025

Chemanol loses SAR 40.5M in Q1 2025

15/05/2025 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) widened Q1 2025 net loss to SAR 40.5 million from SAR 24.5 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q1 2024 Q1 2025 Change‬
Revenues 183.27 167.90 (8.4 %)
Gross Income 21.53 15.44 (28.3 %)
Operating Income (16.10) (27.90) (73.2 %)
Net Income (24.48) (40.47) (65.3 %)
Average Shares 67.45 67.45 -
Earnings Per Share before unusual items (Riyal) (0.36) (0.60) (65.3 %)
EPS (Riyal) (0.36) (0.60) (65.3 %)

This was hit by an annual decline of 2% in sales volumes and a fall of 6% year-on-year (YoY) in selling prices.

 

Further, feedstock (natural gas) prices increased by 23% at the beginning of the year, which contributed to an increase in production costs during the current quarter, compared to the previous quarter.

 

Additionally, the losses were compounded by the financial performance of newly acquired subsidiaries, contributing a combined loss of SAR 10.1 million to the overall losses during the quarter, compared to SAR 3 million a year ago.

 

The Q1 2024 included only one month of performance from a subsidiary following its acquisition last in the quarter.

 

Sequentially, net loss narrowed from SAR 195.36 million in Q4 2024.

 

Total shareholders’ equity, after minority interest, stood at SAR 728.24 million as of March 31, 2025, compared to SAR 1.016 billion a year earlier.

 

Accumulated losses by March 31, 2025, stood at SAR 108.28 million, or 16.05% of capital.

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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 %)


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)

Profitability

Period Gross Margin OIBDA 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 %)


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

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


Financial Ratios
Current
Market Cap (M Riyal) 465.41
Enterprise Value (EV) (M Riyal) 850.09
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 1.80
Return on Average Assets (%) (TTM) (41.74 )
Return on Average Equity (%) (TTM) (115.44 )
EV/adj EBITDA (16.14)
EV/Revenues 1.29
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Share Price

Methanol Chemicals Co.
6.90
(0.21) (2.95 %)

Methanol Chemicals Co. (CHEMANOL)

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