Methanol Chemicals Co. (Chemanol) reported a net loss of SAR 83.6 million in the first nine months of 2023, against earnings of SAR 222.4 million a year before.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 871.26 | 555.85 | (36.2 %) |
| Gross Income | 383.42 | 56.07 | (85.4 %) |
| Operating Income | 259.73 | (60.15) | (123.2 %) |
| Net Income | 222.38 | (83.62) | (137.6 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | 3.30 | (1.24) | (137.6 %) |
This was due to a 40% decline in average selling prices of major products despite the increase in selling quantities by 7% year-on-year (YoY).
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 239.81 | 180.77 | (24.6 %) |
| Gross Income | 86.22 | 23.46 | (72.8 %) |
| Operating Income | 41.47 | (16.04) | (138.7 %) |
| Net Income | 27.55 | (24.59) | (189.3 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | 0.41 | (0.36) | (189.3 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 189.66 | 180.77 | (4.7 %) |
| Gross Income | 29.68 | 23.46 | (21.0 %) |
| Operating Income | (3.48) | (16.04) | (361.1 %) |
| Net Income | (10.19) | (24.59) | (141.3 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | (0.15) | (0.36) | (141.3 %) |
In Q3 2023, the chemical producer swung to a loss of SAR 24.6 million from a profit of SAR 27.5 million in Q3 2022, mainly due to the significant decline in the average selling prices of major products.
Compared to Q2 2023, Chemanol increased its Q3 losses from SAR 10.19 million.
Total shareholders’ equity, after minority interest, fell to SAR 1.13 billion as of Sept. 30, 2023, from SAR 1.24 billion in the year-earlier period.
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