Chemanol turns to losses of SAR 84 mln in FY 2019

01/03/2020 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported a net loss after Zakat of SAR 84.08 million for the fiscal year 2019 compared to a net profit of SAR 46.15 million a year earlier.

Financials (M)

Item	2018	2019	Change‬
Revenues	701.61	527.24	(24.9 %)
Gross Income	195.57	59.46	(69.6 %)
Operating Income	91.92	(36.98)	(140.2 %)
Net Income	46.15	(84.08)	(282.2 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	0.68	(1.25)	(282.2 %)

The losses were attributed to the worldwide decline in petrochemical products prices which negatively affected the company’s sales.

The company’s accumulated losses reached SAR 269 million or 22.32% of capital.

The company reported a net loss of SAR 42.8 million for Q4 2019 from a net profit of SAR 2.33 million in Q4 2018.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	161.51	108.21	(33.0 %)
Gross Income	41.08	(10.17)	(124.8 %)
Operating Income	12.61	(30.89)	(344.9 %)
Net Income	2.33	(42.82)	(1937.9 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	0.03	(0.63)	(1937.9 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	113.32	108.21	(4.5 %)
Gross Income	3.93	(10.17)	(359.0 %)
Operating Income	(20.54)	(30.89)	(50.4 %)
Net Income	(32.33)	(42.82)	(32.5 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.48)	(0.63)	(32.5 %)

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