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