Chemanol widens losses to SAR 276.1 mln for 2020

25/03/2021 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) widened net loss after Zakat and tax to SAR 276.1 million for 2020, compared to SAR 84.1 million a year earlier.

These losses were driven by lower product prices, impacted by the lockdown measures in the Kingdom. The company also cited an asset impairment of SAR 157 million and higher provisions.

Financials (M)

Item	2019	2020	Change‬
Revenues	527.24	495.71	(6.0 %)
Gross Income	59.46	17.93	(69.9 %)
Operating Income	(36.98)	(74.01)	(100.1 %)
Net Income	(84.08)	(276.09)	(228.4 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(1.25)	(4.09)	(228.4 %)

The company’s Q4 2020 net loss after Zakat and tax narrowed to SAR 13.6 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	108.21	144.63	33.7 %
Gross Income	(10.17)	22.74	323.5 %
Operating Income	(30.89)	(2.79)	91.0 %
Net Income	(42.82)	(13.76)	67.9 %
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.63)	(0.20)	67.9 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	132.28	144.63	9.3 %
Gross Income	(9.37)	22.74	342.7 %
Operating Income	(33.38)	(2.79)	91.6 %
Net Income	(202.45)	(13.76)	93.2 %
Average Shares	67.45	67.45	-
EPS (Riyals)	(3.00)	(0.20)	93.2 %

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