Chemanol cuts H1 2024 loss to SAR 52.5M, Q2 at SAR 28.3M

01/08/2024 Argaam Exclusive

View other reports

Methanol Chemicals Co. (Chemanol) narrowed H1 2024 net losses to SAR 52.5 million from SAR 59 million in the first half of 2023.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	375.08	352.31	(6.1 %)
Gross Income	32.61	46.36	42.2 %
Operating Income	(44.11)	(34.67)	21.4 %
Net Income	(59.03)	(52.50)	11.0 %
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.88)	(0.78)	11.0 %

The decline in the first-half losses was attributed to a 16% rise year-on-year (YoY) in sales volumes and a 21% drop in the average prices of raw materials despite, a 40% leap in natural gas prices in early 2024.

This was offset by lower revenue on a 19% fall in average selling prices.

In the second quarter, the company slid into a deeper loss of SAR 28.2 million, compared to SAR 10.19 million in Q2 2023. Revenue shrank due to an 8% YoY drop in average selling prices.

Sales volumes also decreased by 3%. Natural gas prices also increased by 40% YoY earlier this year.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	189.66	169.04	(10.9 %)
Gross Income	29.68	24.53	(17.4 %)
Operating Income	(3.48)	(18.87)	(442.4 %)
Net Income	(10.19)	(28.28)	(177.5 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.15)	(0.42)	(177.5 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	183.27	169.04	(7.8 %)
Gross Income	21.53	24.53	13.9 %
Operating Income	(16.10)	(18.87)	(17.1 %)
Net Income	(24.48)	(28.28)	(15.6 %)
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.36)	(0.42)	(15.6 %)

Compared to Q1 2024, net losses increased by 15.5% from SAR 24.4 million as average sales volumes declined by 13% on a sequential basis despite a 6% rise in average selling prices.

Total shareholders’ equity, no minority interest, dropped to SAR 98.05 million as of June 30, 2024, from SAR 1.16 billion a year earlier.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

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.

×