Chemanol widens 9M 2020 loss to SAR 262.3 mln

05/11/2020 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported net loss after Zakat and tax of SAR 262.3 million for the first nine months of 2020, compared to SAR 41.3 million in year-earlier period, driven by higher provisions and lower prices.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	419.03	351.08	(16.2 %)
Gross Income	69.63	(4.81)	(106.9 %)
Operating Income	(6.09)	(71.22)	(1,069.7 %)
Net Income	(41.25)	(262.34)	(535.9 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.61)	(3.89)	(535.9 %)

Chemanol incurred net loss after Zakat and tax of SAR 202.5 million in Q3 2020, compared to net loss of SAR 32.3 million in year-earlier period, due to SAR 157 million in an asset impairment, lower product prices on COVID-19 outbreak and higher provisions.

On a sequential basis, Q3 2020 net loss widened by more than six-fold.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	113.32	132.28	16.7 %
Gross Income	3.93	(9.37)	(338.5 %)
Operating Income	(20.54)	(33.38)	(62.6 %)
Net Income	(32.33)	(202.45)	(526.3 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.48)	(3.00)	(526.3 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	98.50	132.28	34.3 %
Gross Income	0.33	(9.37)	(2974.2 %)
Operating Income	(19.68)	(33.38)	(69.6 %)
Net Income	(31.28)	(202.45)	(547.2 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.46)	(3.00)	(547.2 %)

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