Financial Results : Chemanol posts 36% rise in 9M 2022 profit to SAR 222.4 mln; Q3 profit drops to SAR 27.6 mln

Chemanol posts 36% rise in 9M 2022 profit to SAR 222.4 mln; Q3 profit drops to SAR 27.6 mln

20/10/2022 Argaam Exclusive

View other reports

Methanol Chemicals Co. (Chemanol) reported an increase of 36% in estimated net profit after Zakat and tax to SAR 222.4 million in the first nine months of 2022, compared to SAR 164.2 million in the year-ago period, driven by higher average selling prices and the company’s plans to target new markets for sales.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 672.65 871.26 29.5 %
Gross Income 276.78 383.42 38.5 %
Operating Income 189.71 259.73 36.9 %
Net Income 164.15 222.38 35.5 %
Average Shares 67.45 67.45 0.0 %
EPS (Riyals) 2.43 3.30 35.5 %

In Q3 2022, the estimated net profit after Zakat and tax plunged 63% to SAR 27.6 million, from SAR 74.11 million. Chemanol was hit by a decrease in average selling prices and increased cost of sales. Also, the slowdown in demand during July and August due to global market conditions impacted the sales in Q3 2022. One-time costs represented by the unamortized cost of the previous loan were recorded upon its repayment, as well as certain (non-recurring) provisions.

 

Compared to Q2 2022, net profit tumbled 70% from SAR 92.16 million, hit by lower average selling prices and higher cost of sales.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 249.56 239.81 (3.9 %)
Gross Income 116.44 86.22 (26.0 %)
Operating Income 85.84 41.47 (51.7 %)
Net Income 74.11 27.55 (62.8 %)
Average Shares 67.45 67.45 0.0 %
EPS (Riyals) 1.10 0.41 (62.8 %)

Shareholders’ equity, after minority interest, rose to SAR 1.240 billion as of Sept. 30, 2022, from SAR 942.68 million in the year-earlier period.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 215.29 (8.6 %) 52.58 (15.1 %) 27.81 (24.8 %)
Q2 2013 177.92 (25.2 %) 34.91 (44.4 %) 9.69 (74.2 %)
Q3 2013 220.07 (1.7 %) 58.80 0.1 % 33.70 (5.1 %)
Q4 2013 260.45 16.5 % 68.91 39.0 % 44.93 74.2 %
Q1 2014 231.55 7.6 % 63.62 21.0 % 34.96 25.7 %
Q2 2014 222.60 25.1 % 46.56 33.4 % 21.77 124.7 %
Q3 2014 220.18 0.0 % 47.85 (18.6 %) 21.62 (35.9 %)
Q4 2014 210.33 (19.2 %) 29.08 (57.8 %) (2.19) (104.9 %)
Q1 2015 196.44 (15.2 %) 23.46 (63.1 %) (6.40) (118.3 %)
Q2 2015 196.26 (11.8 %) 25.72 (44.8 %) (6.93) (131.8 %)
Q3 2015 174.28 (20.8 %) (10.79) (122.5 %) (35.70) (265.1 %)
Q4 2015 166.35 (20.9 %) (20.95) (172.0 %) (54.17) (2,372.4 %)
Q1 2016 167.21 (14.9 %) 18.29 (22.0 %) (19.92) (211.1 %)
Q2 2016 170.75 (13.0 %) 22.74 (11.6 %) (19.65) (183.4 %)
Q3 2016 133.91 (23.2 %) 9.49 188.0 % (24.66) 30.9 %
Q4 2016 164.17 (1.3 %) 18.02 186.0 % (21.77) 59.8 %
Q1 2017 179.42 7.3 % 40.48 121.3 % 7.47 137.5 %
Q2 2017 175.80 3.0 % 31.42 38.2 % (4.68) 76.2 %
Q3 2017 167.79 25.3 % 33.23 250.0 % 3.17 112.8 %
Q4 2017 160.20 (2.4 %) 27.93 55.0 % (2.37) 89.1 %
Q1 2018 157.17 (12.4 %) 24.81 (38.7 %) 0.51 (93.1 %)
Q2 2018 195.71 11.3 % 69.54 121.3 % 43.14 1022.4 %
Q3 2018 187.22 11.6 % 60.14 81.0 % 35.66 1026.2 %
Q4 2018 161.51 0.8 % 41.08 47.1 % 12.61 633.4 %
Q1 2019 154.86 (1.5 %) 34.99 41.0 % 11.40 2122.0 %
Q2 2019 150.85 (22.9 %) 30.71 (55.8 %) 3.05 (92.9 %)
Q3 2019 113.32 (39.5 %) 3.93 (93.5 %) (20.54) (157.6 %)
Q4 2019 108.21 (33.0 %) (10.17) (124.8 %) (30.89) (344.9 %)
Q1 2020 120.30 (22.3 %) 4.23 (87.9 %) (18.16) (259.3 %)
Q2 2020 98.50 (34.7 %) 0.33 (98.9 %) (19.68) (745.8 %)
Q3 2020 132.28 16.7 % (9.37) (338.5 %) (33.38) (62.6 %)
Q4 2020 144.63 33.7 % 22.74 323.5 % (2.79) 91.0 %
Q1 2021 194.79 61.9 % 61.70 1357.7 % 36.69 302.0 %
Q2 2021 228.30 131.8 % 98.64 30156.7 % 67.18 441.4 %
Q3 2021 249.56 88.7 % 116.44 1342.6 % 85.84 357.2 %
Q4 2021 336.90 132.9 % 161.29 609.4 % 126.19 4624.7 %
Q1 2022 305.65 56.9 % 150.56 144.0 % 113.72 210.0 %
Q2 2022 325.81 42.7 % 146.64 48.7 % 104.53 55.6 %
Q3 2022 239.81 (3.9 %) 86.22 (26.0 %) 41.47 (51.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 14.07 (44.3 %) 0.21 - 14.07 0.21
Q2 2013 0.04 (99.8 %) 0.00 - 0.04 0.00
Q3 2013 22.01 (12.5 %) 0.33 - 22.01 0.33
Q4 2013 36.00 137.0 % 0.53 - 35.45 0.53
Q1 2014 24.21 72.1 % 0.36 - 24.21 0.36
Q2 2014 15.86 39550.0 % 0.24 - 15.85 0.23
Q3 2014 10.34 (53.0 %) 0.15 - 10.34 0.15
Q4 2014 (18.21) (150.6 %) (0.27) (5.00) (13.21) (0.20)
Q1 2015 (15.14) (162.5 %) (0.22) - (15.14) (0.22)
Q2 2015 (21.55) (235.9 %) (0.32) (6.30) (15.24) (0.23)
Q3 2015 (42.93) (515.2 %) (0.64) - (42.93) (0.64)
Q4 2015 (60.29) (231.1 %) (0.89) - (60.29) (0.89)
Q1 2016 (27.45) (81.3 %) (0.41) - (27.45) (0.41)
Q2 2016 0.08 100.4 % 0.00 28.46 (28.38) (0.42)
Q3 2016 (36.93) 14.0 % (0.55) - (36.93) (0.55)
Q4 2016 (37.33) 38.1 % (0.55) - (37.33) (0.55)
Q1 2017 (5.61) 79.6 % (0.08) - (5.61) (0.08)
Q2 2017 2.62 3170.0 % 0.04 20.60 (17.98) (0.27)
Q3 2017 (9.91) 73.2 % (0.15) - (9.91) (0.15)
Q4 2017 (14.80) 60.3 % (0.22) - (14.80) (0.22)
Q1 2018 (10.26) (82.9 %) (0.15) - (10.26) (0.15)
Q2 2018 31.63 1109.1 % 0.47 - 31.63 0.47
Q3 2018 22.45 326.7 % 0.33 - 22.45 0.33
Q4 2018 2.33 115.7 % 0.03 - 2.33 0.03
Q1 2019 (0.31) 97.0 % 0.00 - (0.31) 0.00
Q2 2019 (8.61) (127.2 %) (0.13) - (8.61) (0.13)
Q3 2019 (32.33) (244.0 %) (0.48) - (32.33) (0.48)
Q4 2019 (42.82) (1937.9 %) (0.63) - (42.82) (0.63)
Q1 2020 (28.60) (9,096.1 %) (0.42) - (28.60) (0.42)
Q2 2020 (31.28) (263.2 %) (0.46) - (31.28) (0.46)
Q3 2020 (202.45) (526.3 %) (3.00) (157.10) (45.35) (0.67)
Q4 2020 (13.76) 67.9 % (0.20) - (13.76) (0.20)
Q1 2021 29.88 204.5 % 0.44 - 29.88 0.44
Q2 2021 60.17 292.3 % 0.89 - 60.17 0.89
Q3 2021 74.11 136.6 % 1.10 - 74.11 1.10
Q4 2021 79.86 680.4 % 1.18 (25.01) 104.86 1.55
Q1 2022 102.67 243.7 % 1.52 - 102.67 1.52
Q2 2022 92.16 53.2 % 1.37 - 92.16 1.37
Q3 2022 27.55 (62.8 %) 0.41 - 27.55 0.41

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 24.84 % 31.58 % 8.91 %
Q2 2013 23.29 % 30.28 % 6.48 %
Q3 2013 23.41 % 29.74 % 6.13 %
Q4 2013 24.63 % 31.81 % 8.19 %
Q1 2014 25.42 % 32.34 % 9.18 %
Q2 2014 25.45 % 32.40 % 10.43 %
Q3 2014 24.28 % 31.79 % 9.18 %
Q4 2014 21.15 % 27.80 % 4.20 %
Q1 2015 17.30 % 24.42 % (0.25 %)
Q2 2015 15.32 % 22.01 % (4.04 %)
Q3 2015 8.68 % 16.11 % (11.13 %)
Q4 2015 2.38 % 10.09 % (18.22 %)
Q1 2016 1.74 % 8.22 % (20.72 %)
Q2 2016 1.37 % 5.84 % (23.44 %)
Q3 2016 4.63 % 6.81 % (23.98 %)
Q4 2016 10.78 % 11.00 % (20.45 %)
Q1 2017 14.00 % 13.35 % (16.70 %)
Q2 2017 15.22 % 14.23 % (14.98 %)
Q3 2017 17.92 % 16.68 % (10.31 %)
Q4 2017 19.48 % 18.52 % (7.07 %)
Q1 2018 17.76 % 17.95 % (8.01 %)
Q2 2018 22.84 % 24.71 % (0.49 %)
Q3 2018 26.05 % 28.87 % 4.14 %
Q4 2018 27.87 % 30.72 % 6.58 %
Q1 2019 29.42 % 32.43 % 8.02 %
Q2 2019 25.51 % 28.13 % 2.42 %
Q3 2019 19.07 % 21.58 % (6.70 %)
Q4 2019 11.28 % 15.97 % (15.95 %)
Q1 2020 5.83 % 11.64 % (22.81 %)
Q2 2020 (0.38 %) 8.31 % (30.67 %)
Q3 2020 (3.26 %) 5.49 % (32.24 %)
Q4 2020 3.62 % 9.89 % (24.01 %)
Q1 2021 13.22 % 17.18 % (10.61 %)
Q2 2021 24.82 % 25.83 % 4.42 %
Q3 2021 36.65 % 36.34 % 18.40 %
Q4 2021 43.39 % 42.45 % 26.65 %
Q1 2022 47.03 % 45.16 % 30.51 %
Q2 2022 47.21 % 44.60 % 30.69 %
Q3 2022 45.09 % 41.26 % 27.09 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 67.45 1.19 1.19 23.53
Q2 2013 67.45 0.81 0.81 22.63
Q3 2013 67.45 0.76 0.76 22.95
Q4 2013 67.45 1.07 1.06 23.47
Q1 2014 67.45 1.22 1.21 23.82
Q2 2014 67.45 1.45 1.45 22.98
Q3 2014 67.45 1.28 1.27 23.13
Q4 2014 67.45 0.48 0.55 22.85
Q1 2015 67.45 (0.11) (0.03) 22.59
Q2 2015 67.45 (0.66) (0.49) 22.28
Q3 2015 67.45 (1.45) (1.28) 21.64
Q4 2015 67.45 (2.07) (1.98) 20.75
Q1 2016 67.45 (2.26) (2.16) 17.62
Q2 2016 67.45 (1.94) (2.36) 17.62
Q3 2016 67.45 (1.85) (2.27) 17.07
Q4 2016 67.45 (1.51) (1.93) 16.63
Q1 2017 67.45 (1.18) (1.60) 16.44
Q2 2017 67.45 (1.15) (1.45) 16.48
Q3 2017 67.45 (0.74) (1.05) 16.33
Q4 2017 67.45 (0.41) (0.72) 16.24
Q1 2018 67.45 (0.48) (0.78) 16.09
Q2 2018 67.45 (0.05) (0.05) 16.56
Q3 2018 67.45 0.43 0.43 16.89
Q4 2018 67.45 0.68 0.68 16.92
Q1 2019 67.45 0.83 0.83 16.91
Q2 2019 67.45 0.24 0.24 16.78
Q3 2019 67.45 (0.58) (0.58) 16.29
Q4 2019 67.45 (1.25) (1.25) 15.62
Q1 2020 67.45 (1.67) (1.67) 15.20
Q2 2020 67.45 (2.00) (2.00) 14.74
Q3 2020 67.45 (4.52) (2.20) 11.73
Q4 2020 67.45 (4.09) (1.76) 11.54
Q1 2021 67.45 (3.23) (0.90) 11.99
Q2 2021 67.45 (1.87) 0.46 12.88
Q3 2021 67.45 2.23 2.23 13.98
Q4 2021 67.45 3.62 3.99 15.10
Q1 2022 67.45 4.70 5.07 16.62
Q2 2022 67.45 5.17 5.54 17.99
Q3 2022 67.45 4.48 4.85 18.40

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 20.74 20.74 1.05
Q2 2013 27.46 27.46 0.98
Q3 2013 30.44 30.44 1.01
Q4 2013 25.50 25.70 1.16
Q1 2014 24.04 24.21 1.23
Q2 2014 19.85 19.96 1.26
Q3 2014 24.12 24.27 1.34
Q4 2014 44.31 38.36 0.93
Q1 2015 NEG NEG 1.09
Q2 2015 NEG NEG 1.05
Q3 2015 NEG NEG 0.75
Q4 2015 NEG NEG 0.62
Q1 2016 NEG NEG 0.58
Q2 2016 NEG NEG 0.71
Q3 2016 NEG NEG 0.56
Q4 2016 NEG NEG 0.86
Q1 2017 NEG NEG 0.76
Q2 2017 NEG NEG 0.72
Q3 2017 NEG NEG 0.77
Q4 2017 NEG NEG 1.10
Q1 2018 NEG NEG 1.14
Q2 2018 NEG NEG 1.03
Q3 2018 50.86 50.86 1.30
Q4 2018 24.22 24.22 0.98
Q1 2019 21.54 21.54 1.06
Q2 2019 67.07 67.07 0.94
Q3 2019 NEG NEG 0.88
Q4 2019 NEG NEG 0.96
Q1 2020 NEG NEG 0.72
Q2 2020 NEG NEG 0.83
Q3 2020 NEG NEG 2.03
Q4 2020 NEG NEG 2.00
Q1 2021 NEG NEG 2.11
Q2 2021 NEG 54.74 1.95
Q3 2021 16.08 16.08 2.57
Q4 2021 9.95 9.03 2.38
Q1 2022 9.57 8.87 2.70
Q2 2022 7.13 6.65 2.05
Q3 2022 7.25 6.70 1.77

Analysts Estimates (Million)

Item Q3 2022 (e) Q3 2022 (a) Change‬
Average 67.00 27.55 (58.9 %)

Estimates vs Actual (Million)

Item Q3 2022 (e) Q3 2022 (a) Change
Hermes 67.00 27.55 (58.9) %

Current
Market Cap (M Riyal) 1,219.50
Enterprise Value (EV) (M) 1,643.43
Shares Outstanding ((M)) 67.45
EPS ( Riyal) (TTM) (2.54)
Book Value (BV) ( Riyal) 14.29
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.27
Return on Average Assets (%) (TTM) (9.06 )
Return on Average Equity (%) (TTM) (16.31 )

Share Price

18.08
0.00 0.00 %

Methanol Chemicals Co. (CHEMANOL)


Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.