Chemanol narrows 9M 2024 loss to SAR 76.9M; Q3 at SAR 24.4M

10/11/2024 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) narrowed its net losses to SAR 76.9 million in the first nine months of 2024, compared with SAR 83.6 million a year before.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	555.85	531.65	(4.4 %)
Gross Income	59.07	74.11	25.5 %
Operating Income	(62.27)	(56.39)	9.4 %
Net Income	(83.62)	(76.94)	8.0 %
Average Shares	67.45	67.45	-
EPS (Riyals)	(1.24)	(1.14)	8.0 %

The positive nine-month performance was attributed to the year-on-year (YoY) hike in sales volumes, together with lower average raw material prices although feedstock prices increased at the onset of 2024.

However, revenues declined YoY during the nine-month period, mainly due to lower average selling prices.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	180.77	179.34	(0.8 %)
Gross Income	26.46	27.76	4.9 %
Operating Income	(17.96)	(20.47)	(14.0 %)
Net Income	(24.59)	(24.43)	0.7 %
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.36)	(0.36)	0.7 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	169.04	179.34	6.1 %
Gross Income	24.53	27.76	13.2 %
Operating Income	(19.34)	(20.47)	(5.8 %)
Net Income	(28.28)	(24.43)	13.6 %
Average Shares	67.45	67.45	-
EPS (Riyals)	(0.42)	(0.36)	13.6 %

In Q3 2024, the chemical producer posted a net loss of SAR 24.4 million, compared with SAR 24.5 million a year earlier, boosted by higher sales volumes and a slight improvement in production costs.

Chemanol also cut the three-month loss from SAR 28.28 million in Q2 2024, as revenues soared on a quarterly basis on the back of the elevated sales volumes.

Total shareholders’ equity, no minority interest, fell to SAR 963.6 million as of Sept. 30, 2024, from SAR 1.13 billion in the year-earlier period.

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