Financial Results : Chemanol narrows losses by 6% in 9M 2016

Chemanol narrows losses by 6% in 9M 2016

19/10/2016 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) narrowed its net losses by 6 percent year-on-year (YoY) to SAR 74.8 million, mainly due to receiving a SAR 29 million insurance claim related to a fire at its Paraformaldehyde unit.



Financials (M)

Item 9m 2015 9m 2016 Change‬
Revenues 566.97 471.87 (16.8 %)
Gross Income 40.36 50.52 25.2 %
Operating Income (49.03) (64.23) (31.0 %)
Net Income (79.62) (64.30) 19.2 %
Average Shares 67.45 67.45 -
EPS (Riyals) (1.18) (0.95) 19.2 %

The company’s Q3 net losses also decreased by 7 percent YoY to SAR 40 million, due to lower operating losses.

 

When compared to the previous quarter, however, Chemanol’s losses surged from Q2’s SAR 3.58 million net loss. Sales in Q3 fell by SAR 35 million, and sales prices dropped by 22 percent.



Current Quarter Comparison (M)

Compared With The
Item Q3 2015 Q3 2016 Change‬
Revenues 174.28 133.91 (23.2 %)
Gross Income (10.79) 9.49 188.0 %
Operating Income (35.70) (24.66) 30.9 %
Net Income (42.93) (36.93) 14.0 %
Average Shares 67.45 67.45 -
EPS (Riyals) (0.64) (0.55) 14.0 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 117.56 - 27.67 - 9.54 -
Q4 2007 126.48 - 24.79 - 6.86 -
Q1 2008 128.77 - 29.21 - 12.30 -
Q2 2008 145.99 - 30.64 - 11.26 -
Q3 2008 158.26 34.6 % 34.94 26.3 % 14.59 53.0 %
Q4 2008 137.65 8.8 % 28.55 15.1 % 7.79 13.5 %
Q1 2009 105.91 (17.8 %) 25.72 (11.9 %) 7.25 (41.0 %)
Q2 2009 102.33 (29.9 %) 25.50 (16.8 %) 7.93 (29.6 %)
Q3 2009 97.55 (38.4 %) 23.23 (33.5 %) 7.35 (49.7 %)
Q4 2009 96.51 (29.9 %) 22.90 (19.8 %) 8.18 5.0 %
Q1 2010 111.84 5.6 % 30.38 18.1 % 12.59 73.6 %
Q2 2010 113.18 10.6 % 30.48 19.5 % 11.83 49.2 %
Q3 2010 174.92 79.3 % 19.96 (14.1 %) (1.21) (116.5 %)
Q4 2010 189.56 96.4 % 38.09 66.3 % 16.84 105.9 %
Q1 2011 192.43 72.1 % 41.32 36.0 % 20.49 62.7 %
Q2 2011 197.40 74.4 % 42.49 39.4 % 21.50 81.8 %
Q3 2011 213.76 22.2 % 55.02 175.7 % 35.96 3064.8 %
Q4 2011 226.15 19.3 % 52.99 39.1 % 32.88 95.3 %
Q1 2012 235.42 22.3 % 61.94 49.9 % 36.96 80.4 %
Q2 2012 237.93 20.5 % 62.80 47.8 % 37.60 74.9 %
Q3 2012 223.86 4.7 % 58.72 6.7 % 35.51 (1.3 %)
Q4 2012 223.53 (1.2 %) 49.58 (6.4 %) 25.79 (21.5 %)
Q1 2013 215.29 (8.6 %) 52.58 (15.1 %) 27.81 (24.8 %)
Q2 2013 177.92 (25.2 %) 34.91 (44.4 %) 9.69 (74.2 %)
Q3 2013 220.07 (1.7 %) 58.80 0.1 % 33.70 (5.1 %)
Q4 2013 260.45 16.5 % 68.91 39.0 % 44.93 74.2 %
Q1 2014 231.55 7.6 % 63.62 21.0 % 34.96 25.7 %
Q2 2014 222.60 25.1 % 46.56 33.4 % 21.77 124.7 %
Q3 2014 220.18 0.0 % 47.85 (18.6 %) 21.62 (35.9 %)
Q4 2014 210.33 (19.2 %) 29.08 (57.8 %) (2.19) (104.9 %)
Q1 2015 196.44 (15.2 %) 23.46 (63.1 %) (6.40) (118.3 %)
Q2 2015 196.26 (11.8 %) 25.72 (44.8 %) (6.93) (131.8 %)
Q3 2015 174.28 (20.8 %) (10.79) (122.5 %) (35.70) (265.1 %)
Q4 2015 166.35 (20.9 %) (20.95) (172.0 %) (54.17) (2,372.4 %)
Q1 2016 167.21 (14.9 %) 18.29 (22.0 %) (19.92) (211.1 %)
Q2 2016 170.75 (13.0 %) 22.74 (11.6 %) (19.65) (183.4 %)
Q3 2016 133.91 (23.2 %) 9.49 188.0 % (24.66) 30.9 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 5.89 - 0.17 - 5.89 0.17
Q4 2007 4.16 - 0.12 - 4.16 0.12
Q1 2008 8.04 - 0.24 - 8.04 0.24
Q2 2008 7.49 - 0.22 - 7.49 0.22
Q3 2008 13.18 123.8 % 0.20 - 13.18 0.20
Q4 2008 9.53 129.3 % 0.14 - 9.53 0.14
Q1 2009 5.04 (37.3 %) 0.07 - 5.04 0.07
Q2 2009 5.60 (25.2 %) 0.08 - 5.60 0.08
Q3 2009 5.70 (56.8 %) 0.08 - 5.70 0.08
Q4 2009 5.71 (40.1 %) 0.08 - 5.71 0.08
Q1 2010 9.06 79.8 % 0.13 - 9.06 0.13
Q2 2010 8.61 53.8 % 0.13 - 8.61 0.13
Q3 2010 (15.63) (374.2 %) (0.23) - (15.63) (0.23)
Q4 2010 4.00 (29.9 %) 0.06 - 4.00 0.06
Q1 2011 9.65 6.5 % 0.14 - 9.65 0.14
Q2 2011 10.60 23.1 % 0.16 - 10.60 0.16
Q3 2011 26.65 270.5 % 0.40 - 26.65 0.40
Q4 2011 23.31 482.8 % 0.35 - 23.31 0.35
Q1 2012 25.26 161.8 % 0.37 - 25.26 0.37
Q2 2012 25.83 143.7 % 0.38 - 25.83 0.38
Q3 2012 25.16 (5.6 %) 0.37 - 25.16 0.37
Q4 2012 15.19 (34.8 %) 0.23 - 15.19 0.23
Q1 2013 14.07 (44.3 %) 0.21 - 14.07 0.21
Q2 2013 0.04 (99.8 %) 0.00 - 0.04 0.00
Q3 2013 22.01 (12.5 %) 0.33 - 22.01 0.33
Q4 2013 36.00 137.0 % 0.53 - 35.45 0.53
Q1 2014 24.21 72.1 % 0.36 - 24.21 0.36
Q2 2014 15.86 39550.0 % 0.24 - 15.85 0.23
Q3 2014 10.34 (53.0 %) 0.15 - 10.34 0.15
Q4 2014 (18.21) (150.6 %) (0.27) (5.00) (13.21) (0.20)
Q1 2015 (15.14) (162.5 %) (0.22) - (15.14) (0.22)
Q2 2015 (21.55) (235.9 %) (0.32) (6.30) (15.24) (0.23)
Q3 2015 (42.93) (515.2 %) (0.64) - (42.93) (0.64)
Q4 2015 (60.29) (231.1 %) (0.89) - (60.29) (0.89)
Q1 2016 (27.45) (81.3 %) (0.41) - (27.45) (0.41)
Q2 2016 0.08 100.4 % 0.00 28.46 (28.38) (0.42)
Q3 2016 (36.93) 14.0 % (0.55) - (36.93) (0.55)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 21.65 % 11.54 % 4.93 %
Q3 2008 21.37 % 12.80 % 5.87 %
Q4 2008 21.61 % 12.77 % 6.70 %
Q1 2009 21.88 % 12.42 % 6.43 %
Q2 2009 22.75 % 12.88 % 6.62 %
Q3 2009 23.23 % 13.04 % 5.83 %
Q4 2009 24.20 % 14.58 % 5.48 %
Q1 2010 24.99 % 16.18 % 6.39 %
Q2 2010 25.53 % 16.23 % 6.94 %
Q3 2010 20.89 % 17.99 % 1.56 %
Q4 2010 20.17 % 24.18 % 1.02 %
Q1 2011 19.38 % 26.97 % 0.99 %
Q2 2011 18.81 % 29.76 % 1.14 %
Q3 2011 22.31 % 33.82 % 6.42 %
Q4 2011 23.12 % 32.82 % 8.46 %
Q1 2012 24.34 % 33.28 % 9.83 %
Q2 2012 25.49 % 33.78 % 11.06 %
Q3 2012 25.61 % 33.02 % 10.78 %
Q4 2012 25.31 % 32.12 % 9.93 %
Q1 2013 24.84 % 31.58 % 8.91 %
Q2 2013 23.29 % 30.28 % 6.48 %
Q3 2013 23.41 % 29.74 % 6.13 %
Q4 2013 24.63 % 31.81 % 8.19 %
Q1 2014 25.42 % 32.34 % 9.18 %
Q2 2014 25.45 % 32.40 % 10.43 %
Q3 2014 24.28 % 31.79 % 9.18 %
Q4 2014 21.15 % 27.80 % 4.20 %
Q1 2015 17.30 % 24.42 % (0.25 %)
Q2 2015 15.32 % 22.01 % (4.04 %)
Q3 2015 8.68 % 16.11 % (11.13 %)
Q4 2015 2.38 % 10.09 % (18.22 %)
Q1 2016 1.74 % 8.22 % (20.72 %)
Q2 2016 1.37 % 5.84 % (23.44 %)
Q3 2016 4.63 % 6.81 % (23.98 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 33.73 - - 19.98
Q4 2007 33.73 - - 20.11
Q1 2008 33.73 - - 20.35
Q2 2008 33.73 0.76 0.76 20.57
Q3 2008 67.45 0.49 0.49 20.56
Q4 2008 67.45 0.57 0.57 20.61
Q1 2009 67.45 0.52 0.52 20.68
Q2 2009 67.45 0.49 0.49 20.76
Q3 2009 67.45 0.38 0.38 20.83
Q4 2009 67.45 0.33 0.33 20.91
Q1 2010 67.45 0.39 0.39 21.04
Q2 2010 67.45 0.43 0.43 21.16
Q3 2010 67.45 0.11 0.11 20.92
Q4 2010 67.45 0.09 0.09 20.98
Q1 2011 67.45 0.10 0.10 21.11
Q2 2011 67.45 0.13 0.13 21.26
Q3 2011 67.45 0.75 0.75 21.65
Q4 2011 67.45 1.04 1.04 21.99
Q1 2012 67.45 1.27 1.27 22.36
Q2 2012 67.45 1.50 1.50 22.74
Q3 2012 67.45 1.48 1.48 23.11
Q4 2012 67.45 1.36 1.36 23.32
Q1 2013 67.45 1.19 1.19 23.53
Q2 2013 67.45 0.81 0.81 22.63
Q3 2013 67.45 0.76 0.76 22.95
Q4 2013 67.45 1.07 1.06 23.47
Q1 2014 67.45 1.22 1.21 23.82
Q2 2014 67.45 1.45 1.45 22.98
Q3 2014 67.45 1.28 1.27 23.13
Q4 2014 67.45 0.48 0.55 22.85
Q1 2015 67.45 (0.11) (0.03) 22.59
Q2 2015 67.45 (0.66) (0.49) 22.28
Q3 2015 67.45 (1.45) (1.28) 21.64
Q4 2015 67.45 (2.07) (1.98) 20.75
Q1 2016 67.45 (2.26) (2.16) 17.62
Q2 2016 67.45 (1.94) (2.36) 17.62
Q3 2016 67.45 (1.85) (2.27) 17.07

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 54.87 54.87 1.30
Q4 2008 35.17 35.17 0.97
Q1 2009 37.82 37.82 0.96
Q2 2009 54.79 54.79 1.31
Q3 2009 75.99 75.99 1.40
Q4 2009 84.23 84.23 1.32
Q1 2010 71.70 71.70 1.32
Q2 2010 59.93 59.93 1.22
Q3 2010 More than 100 More than 100 1.30
Q4 2010 More than 100 More than 100 1.38
Q1 2011 More than 100 More than 100 1.18
Q2 2011 More than 100 More than 100 1.17
Q3 2011 27.13 27.13 0.95
Q4 2011 20.78 20.78 0.98
Q1 2012 28.39 28.39 1.62
Q2 2012 16.47 16.47 1.09
Q3 2012 17.02 17.02 1.09
Q4 2012 17.61 17.61 1.02
Q1 2013 20.74 20.74 1.05
Q2 2013 27.46 27.46 0.98
Q3 2013 30.44 30.44 1.01
Q4 2013 25.50 25.70 1.16
Q1 2014 24.04 24.21 1.23
Q2 2014 19.85 19.96 1.26
Q3 2014 24.12 24.27 1.34
Q4 2014 44.31 38.36 0.93
Q1 2015 NEG NEG 1.09
Q2 2015 NEG NEG 1.05
Q3 2015 NEG NEG 0.75
Q4 2015 NEG NEG 0.62
Q1 2016 NEG NEG 0.58
Q2 2016 NEG NEG 0.71
Q3 2016 NEG NEG 0.56


Financial Ratios
Current
Market Cap (M Riyal) 1,216.80
Enterprise Value (EV) (M) 1,640.74
Shares Outstanding ((M)) 67.45
EPS ( Riyal) (TTM) (2.54)
Book Value (BV) ( Riyal) 14.29
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.26
Return on Average Assets (%) (TTM) (9.06 )
Return on Average Equity (%) (TTM) (16.31 )
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Share Price

Methanol Chemicals Co.
18.04
(0.28) (1.53 %)

Methanol Chemicals Co. (CHEMANOL)

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