Chemanol loses SAR 272.3M in 2024, SAR 195.4M in Q4

30/03/2025 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) slid into a deeper loss of SAR 272.3 million in 2024, compared with SAR 177.8 million a year earlier.



Financials (M)

Item 2023 2024 Change‬
Revenues 727.97 710.52 (2.4 %)
Gross Income 9.39 96.22 925.1 %
Operating Income (145.07) (104.12) 28.2 %
Net Income (177.80) (272.30) (53.1 %)
Average Shares 67.45 67.45 -
Earnings Per Share before unusual items (Riyals) (2.64) (2.04) 22.6 %
EPS (Riyals) (2.64) (4.04) (53.1 %)

This was attributed to lower revenues as the average selling prices of the company’s core products declined by 14% in 2024, despite the 13% annual uptick in sales volumes for the same year.

 

Chemanol also cited higher prices of methane used as a feedstock at the beginning of 2024.

 

The group’s losses increased significantly as a result of the acquisition of ADDAR Chemicals Co. (ACC) during 2024. The latter’s poor financial performance and lack of future cash flow forecasts led to the full write-down of goodwill amounting to SAR 127 million as of Dec. 31, 2024, further pressuring Chemanol’s financials.

 

Despite these downsides, Chemanol, as the parent company, managed to trim its operational losses by 11% year-on-year (YoY) in 2024, demonstrating improved independent performance exclusive of the group-wide results.

 

The company widened the fourth-quarter losses to SAR 195.4 million from SAR 94.1 million in Q4 2023.

 

The three-month net losses leapt by more than seven folds from SAR 24.4 million in Q3 2024.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 172.12 178.88 3.9 %
Gross Income (46.68) 24.15 151.7 %
Operating Income (84.92) (49.66) 41.5 %
Net Income (94.18) (195.36) (107.4 %)
Average Shares 67.45 67.45 -
Earnings Per Share before unusual items (Riyals) (1.40) (0.90) 35.5 %
EPS (Riyals) (1.40) (2.90) (107.4 %)

Total shareholders’ equity, after minority interest, reached SAR 768.6 million as of Dec. 31, 2024, down from SAR 1.04 billion a year earlier.

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Share Price

Methanol Chemicals Co.
12.72
(0.18) (1.40 %)

Methanol Chemicals Co. (CHEMANOL)

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Financial Ratios
Current
Market Cap (M Riyal) 857.96
Enterprise Value (EV) (M) 1,330.50
Shares Outstanding ((M)) 67.45
EPS ( Riyal) (TTM) (4.04)
Book Value (BV) ( Riyal) 11.40
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.12
Return on Average Assets (%) (TTM) (15.82 )
Return on Average Equity (%) (TTM) (22.55 )
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