Chemanol incurs SAR 177.8M loss in 2023, SAR 94.2M in Q4

17/03/2024 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) swung to a net loss of SAR 177.8 million in 2023, against a net profit of SAR 206.4 million a year before.

Financials (M)

Item	2022	2023	Change‬
Revenues	1,076.82	727.97	(32.4 %)
Gross Income	412.19	9.39	(97.7 %)
Operating Income	251.15	(145.07)	(157.8 %)
Net Income	206.43	(177.80)	(186.1 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	3.06	(2.64)	(186.1 %)

Chemanol recorded lower revenue in 2023, on a 37% year-on-year (YoY) decline in the average selling prices of key products, despite a 7% YoY increase in sales volumes.

It also reported here was a major turnaround of the methanol plant in Q1 2023, recording an impairment loss of SAR 72 million.

In Q4 2023, the company slid into a deeper net loss of SAR 94.2 million, compared to SAR 15.9 million in Q4 2022.

Compared to Q3 2023, net losses also widened from SAR 24.59 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	205.56	172.12	(16.3 %)
Gross Income	28.77	(46.68)	(262.2 %)
Operating Income	(8.58)	(84.92)	(889.6 %)
Net Income	(15.95)	(94.18)	(490.3 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.24)	(1.40)	(490.3 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	180.77	172.12	(4.8 %)
Gross Income	26.46	(46.68)	(276.4 %)
Operating Income	(16.04)	(84.92)	(429.5 %)
Net Income	(24.59)	(94.18)	(282.9 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.36)	(1.40)	(282.9 %)

Total shareholders’ equity, no minority interest, fell to SAR 1.04 billion as of Dec. 31, 2023, from SAR 1.22 billion in the year-earlier period.

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