Financial Results : Chemanol trims losses to SAR 24.5M in Q1 2024

Chemanol trims losses to SAR 24.5M in Q1 2024

19/05/2024 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported a net loss of SAR 24.5 million in Q1 2024, down from SAR 48.8 million in the year-ago period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 185.42 183.27 (1.2 %)
Gross Income 2.93 21.53 635.2 %
Operating Income (40.64) (16.10) 60.4 %
Net Income (48.84) (24.48) 49.9 %
Average Shares 67.45 67.45 -
EPS (Riyals) (0.72) (0.36) 49.9 %

The decline in losses was driven by the 39% year-on-year (YoY) increase in sales volumes, despite the 29% YoY decrease in the average selling prices as other income dropped 1% YoY during the three-month period.

 

Compared to Q4 2023, net losses narrowed from SAR 94.18 million as the first-quarter revenues soared on a sequential basis amid a 12% quarter-on-quarter hike in sales volumes. This is besides the one-off impact of asset impairment of SAR 69 million during the previous quarter.

 

Shareholders equity, no minority interest, plummeted to SAR 1.01 billion as of March 31, 2024, compared to SAR 1.17 billion at the end of Q1 2023.

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