Chemanol turns to SAR 83.6 mln loss in 9M 2023; Q3 at SAR 24.6 mln

09/11/2023 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported a net loss of SAR 83.6 million in the first nine months of 2023, against earnings of SAR 222.4 million a year before.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	871.26	555.85	(36.2 %)
Gross Income	383.42	59.07	(84.6 %)
Operating Income	259.73	(60.15)	(123.2 %)
Net Income	222.38	(83.62)	(137.6 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	3.30	(1.24)	(137.6 %)

This was due to a 40% decline in average selling prices of major products despite the increase in selling quantities by 7% year-on-year (YoY).

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	239.81	180.77	(24.6 %)
Gross Income	86.22	26.46	(69.3 %)
Operating Income	41.47	(16.04)	(138.7 %)
Net Income	27.55	(24.59)	(189.3 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	0.41	(0.36)	(189.3 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	189.66	180.77	(4.7 %)
Gross Income	29.68	26.46	(10.9 %)
Operating Income	(3.48)	(16.04)	(361.1 %)
Net Income	(10.19)	(24.59)	(141.3 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.15)	(0.36)	(141.3 %)

In Q3 2023, the chemical producer swung to a loss of SAR 24.6 million from a profit of SAR 27.5 million in Q3 2022, mainly due to the significant decline in the average selling prices of major products.

Compared to Q2 2023, Chemanol increased its Q3 losses from SAR 10.19 million.

Total shareholders’ equity, after minority interest, fell to SAR 1.13 billion as of Sept. 30, 2023, from SAR 1.24 billion in the year-earlier period.

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