Chemanol’s net profit up 40% to 50.4m for the first nine months of 2014

Methanol Chemical Company (Chemanol), a producer of Methanol and Formaldehyde, reported a net profit of SAR 50.4m for the nine months ended September 30, 2014, 40% increase compared to the same period last year.

A net profit of SAR 10.3m was reported for Q3-2014 compared to SAR 15.9m in Q2.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	613.28	674.34	10.0 %
Gross Income	146.29	159.30	8.9 %
Operating Income	71.21	78.36	10.0 %
Net Income	36.12	50.41	39.6 %
Average Shares	67.45	67.45	-
EPS (Riyals)	0.54	0.75	39.6 %

The Company attributed the increase of the first nine months of 2014’s net profit compared to the same period in 2013, to the following:

- Increase of sales of the current quarter as compared to the same quarter of the last year by about SAR 61 i.e. 10% was due to the notable increase of the prices of some products during the first and second quarters of the current year. It is worth to mention that the decrease in the profits of the same quarter of the last year was due to the Scheduled shutdown of Methanol and DMF plants on 25/05/2013 and implementation of cut off sales procedure in compliance to IFRS.

Q3-2014’s net profit decline compared to the same period last year was due to the increase of cost of sales as compared to same quarter of last year, as well as the shutdown of the Para Formaldehyde unit due to the limited fire incident.

The decline of Q3’s net profit compared to the previous period (Q2-2014) was attributed to the shutdown of the Para Formaldehyde unit due to the limited fire incident, also due to the differences which were restored from the Department of Zakat and Income.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	220.07	220.18	0.0 %
Gross Income	58.80	47.85	(18.6 %)
Operating Income	33.70	21.62	(35.9 %)
Net Income	22.01	10.34	(53.0 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	0.33	0.15	(53.0 %)

Item	Q2 2014	Q3 2014	Change‬
Revenues	222.60	220.18	(1.1 %)
Gross Income	46.56	47.85	2.8 %
Operating Income	21.77	21.62	(0.7 %)
Net Income	15.86	10.34	(34.8 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	0.24	0.15	(34.8 %)

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Share Price

Methanol Chemicals Co. (CHEMANOL)

	Current
Market Cap (M Riyal)	1,219.50
Enterprise Value (EV) (M)	1,643.43
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	1.27
Return on Average Assets (%) (TTM)	(9.06 )
Return on Average Equity (%) (TTM)	(16.31 )

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	376.22	-	110.99	-	52.72	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	117.56	-	27.67	-	9.54	-
Q4 2007	126.48	-	24.79	-	6.86	-
2007	461.37	22.6 %	104.17	(6.1 %)	35.67	(32.3 %)
Q1 2008	128.77	-	29.21	-	12.30	-
Q2 2008	145.99	-	30.64	-	11.26	-
Q3 2008	158.26	34.6 %	34.94	26.3 %	14.59	53.0 %
Q4 2008	137.65	8.8 %	28.55	15.1 %	7.79	13.5 %
2008	570.67	23.7 %	123.34	18.4 %	45.94	28.8 %
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 %
2009	402.30	(29.5 %)	97.35	(21.1 %)	30.70	(33.2 %)
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 %
2010	589.50	46.5 %	118.92	22.2 %	40.05	30.4 %
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 %
2011	829.74	40.8 %	191.81	61.3 %	110.82	176.7 %
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 %)
2012	920.75	11.0 %	233.04	21.5 %	135.86	22.6 %
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 %
2013	873.72	(5.1 %)	215.75	(7.4 %)	116.68	(14.1 %)
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 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2004	-	-	-	-	-	-
2005	-	-	-	-	-	-
2006	376.22	-	110.99	-	52.72	-
2007	461.37	22.6 %	104.17	(6.1 %)	35.67	(32.3 %)
2008	570.67	23.7 %	123.34	18.4 %	45.94	28.8 %
2009	402.30	(29.5 %)	97.35	(21.1 %)	30.70	(33.2 %)
2010	589.50	46.5 %	118.92	22.2 %	40.05	30.4 %
2011	829.74	40.8 %	191.81	61.3 %	110.82	176.7 %
2012	920.75	11.0 %	233.04	21.5 %	135.86	22.6 %
2013	873.72	(5.1 %)	215.75	(7.4 %)	116.68	(14.1 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	44.47	-	1.32	-	44.47	1.32
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	5.89	-	0.17	-	5.89	0.17
Q4 2007	4.16	-	0.12	-	4.16	0.12
2007	24.68	(44.5 %)	0.73	-	24.68	0.73
Q1 2008	8.04	-	0.24	-	8.04	0.24
Q2 2008	7.49	-	0.22	-	7.49	0.22
Q3 2008	13.18	123.8 %	0.20	-	13.18	0.20
Q4 2008	9.53	129.3 %	0.14	-	9.53	0.14
2008	38.24	54.9 %	0.57	-	38.24	0.57
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
2009	22.06	(42.3 %)	0.33	-	22.06	0.33
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
2010	6.04	(72.6 %)	0.09	-	6.04	0.09
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
2011	70.21	1062.4 %	1.04	-	70.21	1.04
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
2012	91.43	30.2 %	1.36	-	91.43	1.36
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
2013	72.12	(21.1 %)	1.07	-	72.12	1.07
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

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2004	-	-	-	-	-	-
2005	-	-	-	-	-	-
2006	44.47	-	1.32	-	44.47	1.32
2007	24.68	(44.5 %)	0.73	-	24.68	0.73
2008	38.24	54.9 %	0.57	-	38.24	0.57
2009	22.06	(42.3 %)	0.33	-	22.06	0.33
2010	6.04	(72.6 %)	0.09	-	6.04	0.09
2011	70.21	1062.4 %	1.04	-	70.21	1.04
2012	91.43	30.2 %	1.36	-	91.43	1.36
2013	72.12	(21.1 %)	1.07	-	72.12	1.07

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	29.50 %	19.07 %	11.82 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	22.58 %	13.20 %	5.35 %
Q1 2008	-	-	-
Q2 2008	21.65 %	11.54 %	4.93 %
Q3 2008	21.37 %	12.80 %	5.87 %
Q4 2008	21.61 %	12.77 %	6.70 %
2008	21.61 %	12.77 %	6.70 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	-	-	-
2006	29.50 %	19.07 %	11.82 %
2007	22.58 %	13.20 %	5.35 %
2008	21.61 %	12.77 %	6.70 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	23.54 %	-	5.01 %
Q4 2007	19.60 %	10.66 %	3.29 %
Q1 2008	22.68 %	14.71 %	6.24 %
Q2 2008	20.99 %	12.26 %	5.13 %
Q3 2008	22.08 %	13.44 %	8.33 %
Q4 2008	20.74 %	10.72 %	6.92 %
Q1 2009	24.28 %	13.35 %	4.76 %
Q2 2009	24.92 %	14.47 %	5.47 %
Q3 2009	23.81 %	14.51 %	5.84 %
Q4 2009	23.73 %	16.13 %	5.92 %
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	33.73	-	-	19.98
Q4 2007	33.73	-	-	20.11
Q1 2008	33.73	-	-	20.35
Q2 2008	33.73	0.76	0.76	20.57
Q3 2008	67.45	0.49	0.49	20.56
Q4 2008	67.45	0.57	0.57	20.61
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	-	-	-	-
2005	-	-	-	-
2006	33.73	1.32	1.32	19.37
2007	33.73	0.73	0.73	20.11
2008	67.45	0.57	0.57	20.61
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	54.87	54.87	1.30
Q4 2008	35.17	35.17	0.97
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

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	35.16	35.16	0.97
2009	84.19	84.19	1.32
2010	More than 100	More than 100	1.38
2011	20.78	20.78	0.98
2012	17.61	17.61	1.02
2013	25.50	25.50	1.16

Analysts Estimates (Million)

Item	Q3 2014 (e)	Q3 2014 (a)	Change‬
Average	17.00	10.34	(39.2 %)

Estimates vs Actual (Million)

Item	Q3 2014 (e)	Q3 2014 (a)	Change
SFC	17.00	10.34	(39.2) %

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Chemanol’s net profit up 40% to 50.4m for the first nine months of 2014

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Methanol Chemicals Co. (CHEMANOL)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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