Chemanol widens net loss by more than six-fold to SAR 59.9 mln in H1 2020

25/08/2020 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) widened net loss after Zakat and tax by more than six-fold year-on-year (YoY) to SAR 59.9 million for the first half of 2020, driven by lower sales revenue, lower selling prices and a decline in sales volumes.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	305.71	218.80	(28.4 %)
Gross Income	65.70	4.56	(93.1 %)
Operating Income	14.45	(37.84)	(361.9 %)
Net Income	(8.92)	(59.88)	(571.0 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.13)	(0.89)	(571.0 %)

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	150.85	98.50	(34.7 %)
Gross Income	30.71	0.33	(98.9 %)
Operating Income	3.05	(19.68)	(745.8 %)
Net Income	(8.61)	(31.28)	(263.2 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.13)	(0.46)	(263.2 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	120.30	98.50	(18.1 %)
Gross Income	4.23	0.33	(92.3 %)
Operating Income	(18.16)	(19.68)	(8.4 %)
Net Income	(28.60)	(31.28)	(9.4 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.42)	(0.46)	(9.4 %)

Chemanol widened net loss after Zakat and tax for the second quarter by more than three-fold

to SAR 31.3 million, due to lower prices and decreased sales volumes, on the lockdown measures in the Kingdom.

On a quarter-on-quarter basis, net loss widened by 9.4%.

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