Chemanol turns to loss of SAR 59 mln in H1; Q2 loss at SAR 10.2 mln

30/07/2023 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported a net loss of SAR 59 million in H1 2023, against a net profit of SAR 194.8 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	631.45	375.08	(40.6 %)
Gross Income	297.20	32.61	(89.0 %)
Operating Income	218.26	(44.11)	(120.2 %)
Net Income	194.83	(59.03)	(130.3 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	2.89	(0.88)	(130.3 %)

This was mainly due to the significant decline in the average selling prices of the company’s products, along with the slowdown in demand for certain products during the current period.

In addition, production rates and sales volumes tumbled during the current period on the 17-day periodic maintenance of some plants that was previously announced on Feb. 23, 2023.

The company also swung to a net loss of SAR 10.19 million in Q2 2023, against a net profit of SAR 92.16 million in Q2 2022, mainly due to the plunge in the average selling prices of the company’s products.

Compared to Q1 2023, the second-quarter net loss declined from SAR 48.8 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	325.81	189.66	(41.8 %)
Gross Income	146.64	29.68	(79.8 %)
Operating Income	104.53	(3.48)	(103.3 %)
Net Income	92.16	(10.19)	(111.1 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	1.37	(0.15)	(111.1 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	185.42	189.66	2.3 %
Gross Income	2.93	29.68	913.8 %
Operating Income	(40.64)	(3.48)	91.4 %
Net Income	(48.84)	(10.19)	79.1 %
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.72)	(0.15)	79.1 %

Shareholders’ equity, no minority interest, fell to SAR 1.16 billion as of June 30, 2023, from SAR 1.21 billion in the year-earlier period.

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