Methanol Chemicals Co. (Chemanol) turned to a loss of SAR 48.8 million in Q1 2023 compared to a profit of SAR 102.7 million in the year-ago period, as the decline in average selling prices was not met with a similar decrease in raw materials prices.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 305.65 | 185.42 | (39.3 %) |
| Gross Income | 150.56 | 2.93 | (98.1 %) |
| Operating Income | 113.72 | (40.64) | (135.7 %) |
| Net Income | 102.67 | (48.84) | (147.6 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | 1.52 | (0.72) | (147.6 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 205.56 | 185.42 | (9.8 %) |
| Gross Income | 28.77 | 2.93 | (89.8 %) |
| Operating Income | (8.58) | (40.64) | (373.6 %) |
| Net Income | (15.95) | (48.84) | (206.1 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | (0.24) | (0.72) | (206.1 %) |
Additionally, production and sales volumes decreased due to periodic maintenance of some plants. The company also noted a slowdown in demand.
Compared to Q4 2022, net loss widened from SAR 15.96 million.
Shareholders equity, no minority interest, rose to SAR 1.17 billion as of March 31, 2023, compared to SAR 1.12 billion at the end of Q1 2022.
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