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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2016 164.17 (1.3 %) 18.02 186.0 % (21.77) 59.8 %
Q1 2017 179.42 7.3 % 40.48 121.3 % 7.47 137.5 %
Q2 2017 175.80 3.0 % 31.42 38.2 % (4.68) 76.2 %
Q3 2017 167.79 25.3 % 33.23 250.0 % 3.17 112.8 %
Q4 2017 160.20 (2.4 %) 27.93 55.0 % (2.37) 89.1 %
Q1 2018 157.17 (12.4 %) 24.81 (38.7 %) 0.51 (93.1 %)
Q2 2018 195.71 11.3 % 69.54 121.3 % 43.14 1022.4 %
Q3 2018 187.22 11.6 % 60.14 81.0 % 35.66 1026.2 %
Q4 2018 161.51 0.8 % 41.08 47.1 % 12.61 633.4 %
Q1 2019 154.86 (1.5 %) 34.99 41.0 % 11.40 2122.0 %
Q2 2019 150.85 (22.9 %) 30.71 (55.8 %) 3.05 (92.9 %)
Q3 2019 113.32 (39.5 %) 3.93 (93.5 %) (20.54) (157.6 %)
Q4 2019 108.21 (33.0 %) (10.17) (124.8 %) (30.89) (344.9 %)
Q1 2020 120.30 (22.3 %) 4.23 (87.9 %) (18.16) (259.3 %)
Q2 2020 98.50 (34.7 %) 0.33 (98.9 %) (19.68) (745.8 %)
Q3 2020 132.28 16.7 % (9.37) (338.5 %) (33.38) (62.6 %)
Q4 2020 144.63 33.7 % 22.74 323.5 % (2.79) 91.0 %
Q1 2021 194.79 61.9 % 61.70 1357.7 % 36.69 302.0 %
Q2 2021 228.30 131.8 % 98.64 30156.7 % 67.18 441.4 %
Q3 2021 249.56 88.7 % 116.44 1342.6 % 85.84 357.2 %
Q4 2021 336.90 132.9 % 161.29 609.4 % 126.19 4624.7 %
Q1 2022 305.65 56.9 % 150.56 144.0 % 113.72 210.0 %
Q2 2022 325.81 42.7 % 146.64 48.7 % 104.53 55.6 %
Q3 2022 239.81 (3.9 %) 86.22 (26.0 %) 41.47 (51.7 %)
Q4 2022 205.56 (39.0 %) 28.77 (82.2 %) (8.58) (106.8 %)
Q1 2023 185.42 (39.3 %) 2.93 (98.1 %) (40.64) (135.7 %)
Q2 2023 189.66 (41.8 %) 29.68 (79.8 %) (3.48) (103.3 %)
Q3 2023 180.77 (24.6 %) 26.46 (69.3 %) (16.04) (138.7 %)
Q4 2023 172.12 (16.3 %) (46.68) (262.2 %) (84.92) (889.6 %)
Q1 2024 183.27 (1.2 %) 21.53 635.2 % (16.10) 60.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2016 (37.33) 38.1 % (0.55) - (37.33) (0.55)
Q1 2017 (5.61) 79.6 % (0.08) - (5.61) (0.08)
Q2 2017 2.62 3170.0 % 0.04 20.60 (17.98) (0.27)
Q3 2017 (9.91) 73.2 % (0.15) - (9.91) (0.15)
Q4 2017 (14.80) 60.3 % (0.22) - (14.80) (0.22)
Q1 2018 (10.26) (82.9 %) (0.15) - (10.26) (0.15)
Q2 2018 31.63 1109.1 % 0.47 - 31.63 0.47
Q3 2018 22.45 326.7 % 0.33 - 22.45 0.33
Q4 2018 2.33 115.7 % 0.03 - 2.33 0.03
Q1 2019 (0.31) 97.0 % 0.00 - (0.31) 0.00
Q2 2019 (8.61) (127.2 %) (0.13) - (8.61) (0.13)
Q3 2019 (32.33) (244.0 %) (0.48) - (32.33) (0.48)
Q4 2019 (42.82) (1937.9 %) (0.63) - (42.82) (0.63)
Q1 2020 (28.60) (9,096.1 %) (0.42) - (28.60) (0.42)
Q2 2020 (31.28) (263.2 %) (0.46) - (31.28) (0.46)
Q3 2020 (202.45) (526.3 %) (3.00) (157.10) (45.35) (0.67)
Q4 2020 (13.76) 67.9 % (0.20) - (13.76) (0.20)
Q1 2021 29.88 204.5 % 0.44 - 29.88 0.44
Q2 2021 60.17 292.3 % 0.89 - 60.17 0.89
Q3 2021 74.11 136.6 % 1.10 - 74.11 1.10
Q4 2021 79.86 680.4 % 1.18 (25.01) 104.86 1.55
Q1 2022 102.67 243.7 % 1.52 - 102.67 1.52
Q2 2022 92.16 53.2 % 1.37 - 92.16 1.37
Q3 2022 27.55 (62.8 %) 0.41 - 27.55 0.41
Q4 2022 (15.95) (120.0 %) (0.24) - (15.95) (0.24)
Q1 2023 (48.84) (147.6 %) (0.72) - (48.84) (0.72)
Q2 2023 (10.19) (111.1 %) (0.15) - (10.19) (0.15)
Q3 2023 (24.59) (189.3 %) (0.36) - (24.59) (0.36)
Q4 2023 (94.18) (490.3 %) (1.40) - (94.18) (1.40)
Q1 2024 (24.48) 49.9 % (0.36) - (24.48) (0.36)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q4 2016 10.78 % 11.00 % (20.45 %)
Q1 2017 14.00 % 13.35 % (16.70 %)
Q2 2017 15.22 % 14.23 % (14.98 %)
Q3 2017 17.92 % 16.68 % (10.31 %)
Q4 2017 19.48 % 18.52 % (7.07 %)
Q1 2018 17.76 % 17.95 % (8.01 %)
Q2 2018 22.84 % 24.71 % (0.49 %)
Q3 2018 26.05 % 28.87 % 4.14 %
Q4 2018 27.87 % 30.72 % 6.58 %
Q1 2019 29.42 % 32.43 % 8.02 %
Q2 2019 25.51 % 28.13 % 2.42 %
Q3 2019 19.07 % 21.58 % (6.70 %)
Q4 2019 11.28 % 15.97 % (15.95 %)
Q1 2020 5.83 % 11.64 % (22.81 %)
Q2 2020 (0.38 %) 8.31 % (30.67 %)
Q3 2020 (3.26 %) 5.49 % (32.24 %)
Q4 2020 3.62 % 9.89 % (24.01 %)
Q1 2021 13.22 % 17.18 % (10.61 %)
Q2 2021 24.82 % 25.83 % 4.42 %
Q3 2021 36.65 % 36.34 % 18.40 %
Q4 2021 43.39 % 42.45 % 26.65 %
Q1 2022 47.03 % 45.16 % 30.51 %
Q2 2022 47.21 % 44.60 % 30.69 %
Q3 2022 45.09 % 41.26 % 27.09 %
Q4 2022 38.28 % 33.63 % 19.17 %
Q1 2023 27.66 % 21.74 % 5.74 %
Q2 2023 17.99 % 12.10 % (5.78 %)
Q3 2023 11.54 % 5.59 % (13.08 %)
Q4 2023 1.70 % (4.82 %) (24.42 %)
Q1 2024 4.27 % (1.60 %) (21.14 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2016 67.45 (1.51) (1.93) 16.63
Q1 2017 67.45 (1.18) (1.60) 16.44
Q2 2017 67.45 (1.15) (1.45) 16.48
Q3 2017 67.45 (0.74) (1.05) 16.33
Q4 2017 67.45 (0.41) (0.72) 16.24
Q1 2018 67.45 (0.48) (0.78) 16.09
Q2 2018 67.45 (0.05) (0.05) 16.56
Q3 2018 67.45 0.43 0.43 16.89
Q4 2018 67.45 0.68 0.68 16.92
Q1 2019 67.45 0.83 0.83 16.91
Q2 2019 67.45 0.24 0.24 16.78
Q3 2019 67.45 (0.58) (0.58) 16.29
Q4 2019 67.45 (1.25) (1.25) 15.62
Q1 2020 67.45 (1.67) (1.67) 15.20
Q2 2020 67.45 (2.00) (2.00) 14.74
Q3 2020 67.45 (4.52) (2.20) 11.73
Q4 2020 67.45 (4.09) (1.76) 11.54
Q1 2021 67.45 (3.23) (0.90) 11.99
Q2 2021 67.45 (1.87) 0.46 12.88
Q3 2021 67.45 2.23 2.23 13.98
Q4 2021 67.45 3.62 3.99 15.10
Q1 2022 67.45 4.70 5.07 16.62
Q2 2022 67.45 5.17 5.54 17.99
Q3 2022 67.45 4.48 4.85 18.40
Q4 2022 67.45 3.06 3.06 18.11
Q1 2023 67.45 0.81 0.81 17.39
Q2 2023 67.45 (0.70) (0.70) 17.24
Q3 2023 67.45 (1.48) (1.48) 16.87
Q4 2023 67.45 (2.64) (2.64) 15.43
Q1 2024 67.45 (2.27) (2.27) 15.06

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2016 NEG NEG 0.86
Q1 2017 NEG NEG 0.76
Q2 2017 NEG NEG 0.72
Q3 2017 NEG NEG 0.77
Q4 2017 NEG NEG 1.10
Q1 2018 NEG NEG 1.14
Q2 2018 NEG NEG 1.03
Q3 2018 50.86 50.86 1.30
Q4 2018 24.22 24.22 0.98
Q1 2019 21.54 21.54 1.06
Q2 2019 67.07 67.07 0.94
Q3 2019 NEG NEG 0.88
Q4 2019 NEG NEG 0.96
Q1 2020 NEG NEG 0.72
Q2 2020 NEG NEG 0.83
Q3 2020 NEG NEG 2.03
Q4 2020 NEG NEG 2.00
Q1 2021 NEG NEG 2.11
Q2 2021 NEG 54.74 1.95
Q3 2021 16.08 16.08 2.57
Q4 2021 9.95 9.03 2.38
Q1 2022 9.57 8.87 2.70
Q2 2022 7.13 6.65 2.05
Q3 2022 7.25 6.70 1.77
Q4 2022 8.27 8.27 1.40
Q1 2023 30.02 30.02 1.41
Q2 2023 NEG NEG 1.46
Q3 2023 NEG NEG 1.35
Q4 2023 NEG NEG 1.31
Q1 2024 NEG NEG 1.12

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average (18.00) (24.48) (36.0 %)

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Hermes (18.00) (24.48) (36.0) %


Financial Ratios
Current
Market Cap (M Riyal) 1,231.64
Enterprise Value (EV) (M) 1,655.58
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 1.28
Return on Average Assets (%) (TTM) (9.06 )
Return on Average Equity (%) (TTM) (16.31 )
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Share Price

Methanol Chemicals Co.
18.26
0.18 1.00 %

Methanol Chemicals Co. (CHEMANOL)

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