Financial Results : Chemanol swings to profit in H1 on strong sales

Chemanol swings to profit in H1 on strong sales

25/07/2018 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported a net profit of SAR 21.37 million for the first half of 2018, versus net losses of SAR 2.99 million in year-earlier period, driven by robust sales and decreased expenses thanks to the company’s cost-cutting strategy.



Financials (M)

Item 6m 2017 6m 2018 Change‬
Revenues 355.22 352.88 (0.7 %)
Gross Income 71.90 94.35 31.2 %
Operating Income 2.80 43.66 1460.2 %
Net Income (2.99) 21.37 813.8 %
Average Shares 67.45 67.45 -
EPS (Riyals) (0.04) 0.32 813.8 %

Chemanol’s net profit for the second quarter stood at SAR 31.63 million, compared to SAR 2.62 million in year-earlier period, due to improved operating performance, higher production volumes, and lower costs despite the slowdown in the construction industry.

 

On a sequential basis, the company turned profitable in Q2, as it sustained SAR 10.26 million losses in Q1 2018.



Current Quarter Comparison (M)

Compared With The
Item Q2 2017 Q2 2018 Change‬
Revenues 175.80 195.71 11.3 %
Gross Income 31.42 69.54 121.3 %
Operating Income (4.68) 43.14 1022.4 %
Net Income 2.62 31.63 1109.1 %
Average Shares 67.45 67.45 -
EPS (Riyals) 0.04 0.47 1109.1 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2009 105.91 (17.8 %) 25.72 (11.9 %) 7.25 (41.0 %)
Q2 2009 102.33 (29.9 %) 25.50 (16.8 %) 7.93 (29.6 %)
Q3 2009 97.55 (38.4 %) 23.23 (33.5 %) 7.35 (49.7 %)
Q4 2009 96.51 (29.9 %) 22.90 (19.8 %) 8.18 5.0 %
Q1 2010 111.84 5.6 % 30.38 18.1 % 12.59 73.6 %
Q2 2010 113.18 10.6 % 30.48 19.5 % 11.83 49.2 %
Q3 2010 174.92 79.3 % 19.96 (14.1 %) (1.21) (116.5 %)
Q4 2010 189.56 96.4 % 38.09 66.3 % 16.84 105.9 %
Q1 2011 192.43 72.1 % 41.32 36.0 % 20.49 62.7 %
Q2 2011 197.40 74.4 % 42.49 39.4 % 21.50 81.8 %
Q3 2011 213.76 22.2 % 55.02 175.7 % 35.96 3064.8 %
Q4 2011 226.15 19.3 % 52.99 39.1 % 32.88 95.3 %
Q1 2012 235.42 22.3 % 61.94 49.9 % 36.96 80.4 %
Q2 2012 237.93 20.5 % 62.80 47.8 % 37.60 74.9 %
Q3 2012 223.86 4.7 % 58.72 6.7 % 35.51 (1.3 %)
Q4 2012 223.53 (1.2 %) 49.58 (6.4 %) 25.79 (21.5 %)
Q1 2013 215.29 (8.6 %) 52.58 (15.1 %) 27.81 (24.8 %)
Q2 2013 177.92 (25.2 %) 34.91 (44.4 %) 9.69 (74.2 %)
Q3 2013 220.07 (1.7 %) 58.80 0.1 % 33.70 (5.1 %)
Q4 2013 260.45 16.5 % 68.91 39.0 % 44.93 74.2 %
Q1 2014 231.55 7.6 % 63.62 21.0 % 34.96 25.7 %
Q2 2014 222.60 25.1 % 46.56 33.4 % 21.77 124.7 %
Q3 2014 220.18 0.0 % 47.85 (18.6 %) 21.62 (35.9 %)
Q4 2014 210.33 (19.2 %) 29.08 (57.8 %) (2.19) (104.9 %)
Q1 2015 196.44 (15.2 %) 23.46 (63.1 %) (6.40) (118.3 %)
Q2 2015 196.26 (11.8 %) 25.72 (44.8 %) (6.93) (131.8 %)
Q3 2015 174.28 (20.8 %) (10.79) (122.5 %) (35.70) (265.1 %)
Q4 2015 166.35 (20.9 %) (20.95) (172.0 %) (54.17) (2,372.4 %)
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 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2009 5.04 (37.3 %) 0.07 - 5.04 0.07
Q2 2009 5.60 (25.2 %) 0.08 - 5.60 0.08
Q3 2009 5.70 (56.8 %) 0.08 - 5.70 0.08
Q4 2009 5.71 (40.1 %) 0.08 - 5.71 0.08
Q1 2010 9.06 79.8 % 0.13 - 9.06 0.13
Q2 2010 8.61 53.8 % 0.13 - 8.61 0.13
Q3 2010 (15.63) (374.2 %) (0.23) - (15.63) (0.23)
Q4 2010 4.00 (29.9 %) 0.06 - 4.00 0.06
Q1 2011 9.65 6.5 % 0.14 - 9.65 0.14
Q2 2011 10.60 23.1 % 0.16 - 10.60 0.16
Q3 2011 26.65 270.5 % 0.40 - 26.65 0.40
Q4 2011 23.31 482.8 % 0.35 - 23.31 0.35
Q1 2012 25.26 161.8 % 0.37 - 25.26 0.37
Q2 2012 25.83 143.7 % 0.38 - 25.83 0.38
Q3 2012 25.16 (5.6 %) 0.37 - 25.16 0.37
Q4 2012 15.19 (34.8 %) 0.23 - 15.19 0.23
Q1 2013 14.07 (44.3 %) 0.21 - 14.07 0.21
Q2 2013 0.04 (99.8 %) 0.00 - 0.04 0.00
Q3 2013 22.01 (12.5 %) 0.33 - 22.01 0.33
Q4 2013 36.00 137.0 % 0.53 - 35.45 0.53
Q1 2014 24.21 72.1 % 0.36 - 24.21 0.36
Q2 2014 15.86 39550.0 % 0.24 - 15.85 0.23
Q3 2014 10.34 (53.0 %) 0.15 - 10.34 0.15
Q4 2014 (18.21) (150.6 %) (0.27) (5.00) (13.21) (0.20)
Q1 2015 (15.14) (162.5 %) (0.22) - (15.14) (0.22)
Q2 2015 (21.55) (235.9 %) (0.32) (6.30) (15.24) (0.23)
Q3 2015 (42.93) (515.2 %) (0.64) - (42.93) (0.64)
Q4 2015 (60.29) (231.1 %) (0.89) - (60.29) (0.89)
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

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2009 21.88 % 12.42 % 6.43 %
Q2 2009 22.75 % 12.88 % 6.62 %
Q3 2009 23.23 % 13.04 % 5.83 %
Q4 2009 24.20 % 14.58 % 5.48 %
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 %
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 %
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 %
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 %
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 %
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 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2009 67.45 0.52 0.52 20.68
Q2 2009 67.45 0.49 0.49 20.76
Q3 2009 67.45 0.38 0.38 20.83
Q4 2009 67.45 0.33 0.33 20.91
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2009 37.82 37.82 0.96
Q2 2009 54.79 54.79 1.31
Q3 2009 75.99 75.99 1.40
Q4 2009 84.23 84.23 1.32
Q1 2010 71.70 71.70 1.32
Q2 2010 59.93 59.93 1.22
Q3 2010 More than 100 More than 100 1.30
Q4 2010 More than 100 More than 100 1.38
Q1 2011 More than 100 More than 100 1.18
Q2 2011 More than 100 More than 100 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


Financial Ratios
Current
Market Cap (M Riyal) 1,231.64
Enterprise Value (EV) (M) 1,655.58
Shares Outstanding ((M)) 67.45
EPS ( Riyal) (TTM) (2.54)
Book Value (BV) ( Riyal) 14.29
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.28
Return on Average Assets (%) (TTM) (9.06 )
Return on Average Equity (%) (TTM) (16.31 )
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Share Price

Methanol Chemicals Co.
18.26
0.18 1.00 %

Methanol Chemicals Co. (CHEMANOL)

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