Chemanol incurs SAR 9 mln loss in H1 2019

08/08/2019 Argaam Exclusive

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Share Price

Methanol Chemicals Co. (CHEMANOL)

Methanol Chemicals Co. (Chemanol) has swung to a net loss after zakat and tax of SAR 8.9 million for H1 2019, compared to a net profit of SAR 21.4 million a year earlier on a decline in global methanol prices and average selling prices of the company products.

Chemanol was also hit by higher finance costs.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	352.88	305.71	(13.4 %)
Gross Income	94.35	65.70	(30.4 %)
Operating Income	43.66	14.45	(66.9 %)
Net Income	21.37	(8.92)	(141.8 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	0.32	(0.13)	(141.8 %)

In Q2 2019, Chemanol sustained a net loss after zakat and tax of SAR 8.6 million against a net profit of SAR 31.6 million in year earlier period amid lower global prices.

On a sequential basis, the company widened net losses from SAR 0.31 million due to a continuous decline in global prices and average selling prices of Chemanol products.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	195.71	150.85	(22.9 %)
Gross Income	69.54	30.71	(55.8 %)
Operating Income	43.14	3.05	(92.9 %)
Net Income	31.63	(8.61)	(127.2 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	0.47	(0.13)	(127.2 %)

Item	Q1 2019	Q2 2019	Change‬
Revenues	154.86	150.85	(2.6 %)
Gross Income	34.99	30.71	(12.2 %)
Operating Income	11.40	3.05	(73.3 %)
Net Income	(0.31)	(8.61)	(2,669.5 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	0.00	(0.13)	(2,669.5 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	111.84	5.6 %	30.38	18.1 %	9.06	79.8 %	0.13
Q2 2010	113.18	10.6 %	30.48	19.5 %	8.61	53.8 %	0.13
Q3 2010	174.92	79.3 %	19.96	(14.1 %)	(15.63)	(374.2 %)	(0.23)
Q4 2010	189.56	96.4 %	38.09	66.3 %	4.00	(29.9 %)	0.06
2010	589.50	46.5 %	118.92	22.2 %	6.04	(72.6 %)	0.09
Q1 2011	192.43	72.1 %	41.32	36.0 %	9.65	6.5 %	0.14
Q2 2011	197.40	74.4 %	42.49	39.4 %	10.60	23.1 %	0.16
Q3 2011	213.76	22.2 %	55.02	175.7 %	26.65	270.5 %	0.40
Q4 2011	226.15	19.3 %	52.99	39.1 %	23.31	482.8 %	0.35
2011	829.74	40.8 %	191.81	61.3 %	70.21	1062.4 %	1.04
Q1 2012	235.42	22.3 %	61.94	49.9 %	25.26	161.8 %	0.37
Q2 2012	237.93	20.5 %	62.80	47.8 %	25.83	143.7 %	0.38
Q3 2012	223.86	4.7 %	58.72	6.7 %	25.16	(5.6 %)	0.37
Q4 2012	223.53	(1.2 %)	49.58	(6.4 %)	15.19	(34.8 %)	0.23
2012	920.75	11.0 %	233.04	21.5 %	91.43	30.2 %	1.36
Q1 2013	215.29	(8.6 %)	52.58	(15.1 %)	14.07	(44.3 %)	0.21
Q2 2013	177.92	(25.2 %)	34.91	(44.4 %)	0.04	(99.8 %)	0.00
Q3 2013	220.07	(1.7 %)	58.80	0.1 %	22.01	(12.5 %)	0.33
Q4 2013	260.45	16.5 %	68.91	39.0 %	36.00	137.0 %	0.53
2013	873.72	(5.1 %)	215.75	(7.4 %)	72.12	(21.1 %)	1.07
Q1 2014	231.55	7.6 %	63.62	21.0 %	24.21	72.1 %	0.36
Q2 2014	222.60	25.1 %	46.56	33.4 %	15.86	39550.0 %	0.24
Q3 2014	220.18	0.0 %	47.85	(18.6 %)	10.34	(53.0 %)	0.15
Q4 2014	210.33	(19.2 %)	29.08	(57.8 %)	(18.21)	(150.6 %)	(0.27)
2014	884.67	1.3 %	188.38	(12.7 %)	32.20	(55.4 %)	0.48
Q1 2015	196.44	(15.2 %)	23.46	(63.1 %)	(15.14)	(162.5 %)	(0.22)
Q2 2015	196.26	(11.8 %)	25.72	(44.8 %)	(21.55)	(235.9 %)	(0.32)
Q3 2015	174.28	(20.8 %)	(10.79)	(122.5 %)	(42.93)	(515.2 %)	(0.64)
Q4 2015	166.35	(20.9 %)	(20.95)	(172.0 %)	(60.29)	(231.1 %)	(0.89)
2015	733.32	(17.1 %)	18.78	(90.0 %)	(139.91)	(534.5 %)	(2.07)
Q1 2016	167.21	(14.9 %)	18.29	(22.0 %)	(27.45)	(81.3 %)	(0.41)
Q2 2016	170.75	(13.0 %)	22.74	(11.6 %)	0.08	100.4 %	0.00
Q3 2016	133.91	(23.2 %)	9.49	188.0 %	(36.93)	14.0 %	(0.55)
Q4 2016	164.17	(1.3 %)	18.02	186.0 %	(37.33)	38.1 %	(0.55)
2016	636.04	(13.3 %)	68.55	265.1 %	(101.63)	27.4 %	(1.51)
Q1 2017	179.42	7.3 %	40.48	121.3 %	(5.61)	79.6 %	(0.08)
Q2 2017	175.80	3.0 %	31.42	38.2 %	2.62	3170.0 %	0.04
Q3 2017	167.79	25.3 %	33.23	250.0 %	(9.91)	73.2 %	(0.15)
Q4 2017	160.20	(2.4 %)	27.93	55.0 %	(14.80)	60.3 %	(0.22)
2017	683.22	7.4 %	133.06	94.1 %	(27.70)	72.7 %	(0.41)
Q1 2018	157.17	(12.4 %)	24.81	(38.7 %)	(10.26)	(82.9 %)	(0.15)
Q2 2018	195.71	11.3 %	69.54	121.3 %	31.63	1109.1 %	0.47
Q3 2018	187.22	11.6 %	60.14	81.0 %	22.45	326.7 %	0.33
Q4 2018	161.51	0.8 %	41.08	47.1 %	2.33	115.7 %	0.03
2018	701.61	2.7 %	195.57	47.0 %	46.15	266.6 %	0.68
Q1 2019	154.86	(1.5 %)	34.99	41.0 %	(0.31)	97.0 %	0.00
Q2 2019	150.85	(22.9 %)	30.71	(55.8 %)	(8.61)	(127.2 %)	(0.13)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	402.30	(29.5 %)	97.35	(21.1 %)	22.06	(42.3 %)	0.33
2010	589.50	46.5 %	118.92	22.2 %	6.04	(72.6 %)	0.09
2011	829.74	40.8 %	191.81	61.3 %	70.21	1062.4 %	1.04
2012	920.75	11.0 %	233.04	21.5 %	91.43	30.2 %	1.36
2013	873.72	(5.1 %)	215.75	(7.4 %)	72.12	(21.1 %)	1.07
2014	884.67	1.3 %	188.38	(12.7 %)	32.20	(55.4 %)	0.48
2015	733.32	(17.1 %)	18.78	(90.0 %)	(139.91)	(534.5 %)	(2.07)
2016	636.04	(13.3 %)	68.55	265.1 %	(101.63)	27.4 %	(1.51)
2017	683.22	7.4 %	133.06	94.1 %	(27.70)	72.7 %	(0.41)
2018	701.61	2.7 %	195.57	47.0 %	46.15	266.6 %	0.68

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	24.99 %	16.18 %	6.39 %
Q2 2010	25.53 %	16.23 %	6.94 %
Q3 2010	20.89 %	17.99 %	1.56 %
Q4 2010	20.17 %	24.18 %	1.02 %
2010	20.17 %	24.18 %	1.02 %
Q1 2011	19.38 %	26.97 %	0.99 %
Q2 2011	18.81 %	29.76 %	1.14 %
Q3 2011	22.31 %	33.82 %	6.42 %
Q4 2011	23.12 %	32.82 %	8.46 %
2011	23.12 %	32.81 %	8.46 %
Q1 2012	24.34 %	33.28 %	9.83 %
Q2 2012	25.49 %	33.78 %	11.06 %
Q3 2012	25.61 %	33.02 %	10.78 %
Q4 2012	25.31 %	32.12 %	9.93 %
2012	25.31 %	32.12 %	9.93 %
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 %
2013	24.69 %	31.87 %	8.25 %
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 %
2014	21.29 %	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 %)
2015	2.56 %	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 %)
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 %)
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 %
2018	27.87 %	30.72 %	6.58 %
Q1 2019	29.42 %	32.43 %	8.02 %
Q2 2019	25.51 %	28.13 %	2.42 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	24.20 %	14.58 %	5.48 %
2010	20.17 %	24.18 %	1.02 %
2011	23.12 %	32.81 %	8.46 %
2012	25.31 %	32.12 %	9.93 %
2013	24.69 %	31.87 %	8.25 %
2014	21.29 %	27.80 %	4.20 %
2015	2.56 %	10.09 %	(18.22 %)
2016	10.78 %	11.00 %	(20.45 %)
2017	19.48 %	18.52 %	(7.07 %)
2018	27.87 %	30.72 %	6.58 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	27.16 %	19.23 %	8.10 %
Q2 2010	26.93 %	14.82 %	7.61 %
Q3 2010	11.41 %	20.28 %	(8.94 %)
Q4 2010	20.09 %	36.28 %	2.11 %
Q1 2011	21.47 %	31.01 %	5.01 %
Q2 2011	21.52 %	30.69 %	5.37 %
Q3 2011	25.74 %	37.08 %	12.47 %
Q4 2011	23.43 %	32.19 %	10.31 %
Q1 2012	26.31 %	33.06 %	10.73 %
Q2 2012	26.39 %	33.05 %	10.86 %
Q3 2012	26.23 %	33.78 %	11.24 %
Q4 2012	22.18 %	28.48 %	6.80 %
Q1 2013	24.42 %	30.87 %	6.54 %
Q2 2013	19.62 %	27.43 %	0.02 %
Q3 2013	26.72 %	31.79 %	10.00 %
Q4 2013	26.46 %	35.58 %	13.61 %
Q1 2014	27.48 %	32.98 %	10.46 %
Q2 2014	20.92 %	28.69 %	7.12 %
Q3 2014	21.73 %	29.18 %	4.70 %
Q4 2014	13.83 %	19.73 %	(6.28 %)
Q1 2015	11.94 %	19.28 %	(7.71 %)
Q2 2015	13.10 %	19.14 %	(7.77 %)
Q3 2015	(6.19 %)	4.76 %	(24.63 %)
Q4 2015	(12.59 %)	(5.86 %)	(36.24 %)
Q1 2016	10.94 %	13.03 %	(16.42 %)
Q2 2016	13.32 %	11.29 %	(16.62 %)
Q3 2016	7.09 %	9.09 %	(27.58 %)
Q4 2016	10.98 %	10.18 %	(22.74 %)
Q1 2017	22.56 %	21.38 %	(3.13 %)
Q2 2017	17.87 %	14.64 %	(10.23 %)
Q3 2017	19.80 %	20.16 %	(5.90 %)
Q4 2017	17.44 %	17.85 %	(9.24 %)
Q1 2018	15.79 %	19.41 %	(6.53 %)
Q2 2018	35.53 %	38.48 %	16.16 %
Q3 2018	32.12 %	36.19 %	11.99 %
Q4 2018	25.44 %	26.00 %	1.44 %
Q1 2019	22.59 %	26.92 %	(0.20 %)
Q2 2019	20.36 %	21.65 %	(5.71 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	67.45	0.39	0.39	21.04
Q2 2010	67.45	0.43	0.43	21.16
Q3 2010	67.45	0.11	0.11	20.92
Q4 2010	67.45	0.09	0.09	20.98
Q1 2011	67.45	0.10	0.10	21.11
Q2 2011	67.45	0.13	0.13	21.26
Q3 2011	67.45	0.75	0.75	21.65
Q4 2011	67.45	1.04	1.04	21.99
Q1 2012	67.45	1.27	1.27	22.36
Q2 2012	67.45	1.50	1.50	22.74
Q3 2012	67.45	1.48	1.48	23.11
Q4 2012	67.45	1.36	1.36	23.32
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	67.45	0.33	0.33	20.91
2010	67.45	0.09	0.09	20.98
2011	67.45	1.04	1.04	21.99
2012	67.45	1.36	1.36	23.32
2013	67.45	1.07	1.07	23.47
2014	67.45	0.48	0.55	22.85
2015	67.45	(2.07)	(1.98)	20.75
2016	67.45	(1.51)	(1.93)	16.63
2017	67.45	(0.41)	(0.72)	16.24
2018	67.45	0.68	0.68	16.92

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	More than 50	More than 50	1.32
Q2 2010	More than 50	More than 50	1.22
Q3 2010	More than 50	More than 50	1.30
Q4 2010	More than 50	More than 50	1.38
Q1 2011	More than 50	More than 50	1.18
Q2 2011	More than 50	More than 50	1.17
Q3 2011	27.13	27.13	0.95
Q4 2011	20.78	20.78	0.98
Q1 2012	28.39	28.39	1.62
Q2 2012	16.47	16.47	1.09
Q3 2012	17.02	17.02	1.09
Q4 2012	17.61	17.61	1.02
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	More than 50	More than 50	1.30
Q4 2018	24.22	24.22	0.98
Q1 2019	21.54	21.54	1.06
Q2 2019	More than 50	More than 50	0.94

Period	P/E	Adjusted P/E	Price/book
2009	More than 50	More than 50	1.32
2010	More than 50	More than 50	1.38
2011	20.78	20.78	0.98
2012	17.61	17.61	1.02
2013	25.50	25.50	1.16
2014	44.31	38.35	0.93
2015	NEG	NEG	0.62
2016	NEG	NEG	0.86
2017	NEG	NEG	1.10
2018	24.22	24.22	0.98

Financial Ratios

	Current
Market Cap (M Riyal)	1,092.69
Enterprise Value (EV) (M)	1,478.41
Shares Outstanding ((M))	67.45
EPS ( Riyal) (TTM)	(2.27)
Book Value (BV) ( Riyal)	15.06
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.08
Return on Average Assets (%) (TTM)	(8.34 )
Return on Average Equity (%) (TTM)	(14.02 )

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Chemanol incurs SAR 9 mln loss in H1 2019

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Share Price

Methanol Chemicals Co. (CHEMANOL)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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Chemanol incurs SAR 9 mln loss in H1 2019

View other reports

Share Price

Methanol Chemicals Co. (CHEMANOL)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Financial Ratios

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