Chemanol turns to SAR 83.6 mln loss in 9M 2023; Q3 at SAR 24.6 mln

Chemanol turns to SAR 83.6 mln loss in 9M 2023; Q3 at SAR 24.6 mln

09/11/2023 Argaam Exclusive

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Methanol Chemicals Co. (Chemanol) reported a net loss of SAR 83.6 million in the first nine months of 2023, against earnings of SAR 222.4 million a year before.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 871.26 555.85 (36.2 %)
Gross Income 383.42 56.07 (85.4 %)
Operating Income 259.73 (60.15) (123.2 %)
Net Income 222.38 (83.62) (137.6 %)
Average Shares 67.45 67.45 -
EPS (Riyals) 3.30 (1.24) (137.6 %)

This was due to a 40% decline in average selling prices of major products despite the increase in selling quantities by 7% year-on-year (YoY).



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 239.81 180.77 (24.6 %)
Gross Income 86.22 23.46 (72.8 %)
Operating Income 41.47 (16.04) (138.7 %)
Net Income 27.55 (24.59) (189.3 %)
Average Shares 67.45 67.45 -
EPS (Riyals) 0.41 (0.36) (189.3 %)

In Q3 2023, the chemical producer swung to a loss of SAR 24.6 million from a profit of SAR 27.5 million in Q3 2022, mainly due to the significant decline in the average selling prices of major products.

 

Compared to Q2 2023, Chemanol increased its Q3 losses from SAR 10.19 million.

 

Total shareholders’ equity, after minority interest, fell to SAR 1.13 billion as of Sept. 30, 2023, from SAR 1.24 billion in the year-earlier period.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 231.55 7.6 % 63.62 21.0 % 24.21 72.1 % 0.36
Q2 2014 222.60 25.1 % 46.56 33.4 % 15.86 39550.0 % 0.24
Q3 2014 220.18 0.0 % 47.85 (18.6 %) 10.34 (53.0 %) 0.15
Q4 2014 210.33 (19.2 %) 29.08 (57.8 %) (18.21) (150.6 %) (0.27)
Q1 2015 196.44 (15.2 %) 23.46 (63.1 %) (15.14) (162.5 %) (0.22)
Q2 2015 196.26 (11.8 %) 25.72 (44.8 %) (21.55) (235.9 %) (0.32)
Q3 2015 174.28 (20.8 %) (10.79) (122.5 %) (42.93) (515.2 %) (0.64)
Q4 2015 166.35 (20.9 %) (20.95) (172.0 %) (60.29) (231.1 %) (0.89)
Q1 2016 167.21 (14.9 %) 18.29 (22.0 %) (27.45) (81.3 %) (0.41)
Q2 2016 170.75 (13.0 %) 22.74 (11.6 %) 0.08 100.4 % 0.00
Q3 2016 133.91 (23.2 %) 9.49 188.0 % (36.93) 14.0 % (0.55)
Q4 2016 164.17 (1.3 %) 18.02 186.0 % (37.33) 38.1 % (0.55)
Q1 2017 179.42 7.3 % 40.48 121.3 % (5.61) 79.6 % (0.08)
Q2 2017 175.80 3.0 % 31.42 38.2 % 2.62 3170.0 % 0.04
Q3 2017 167.79 25.3 % 33.23 250.0 % (9.91) 73.2 % (0.15)
Q4 2017 160.20 (2.4 %) 27.93 55.0 % (14.80) 60.3 % (0.22)
Q1 2018 157.17 (12.4 %) 24.81 (38.7 %) (10.26) (82.9 %) (0.15)
Q2 2018 195.71 11.3 % 69.54 121.3 % 31.63 1109.1 % 0.47
Q3 2018 187.22 11.6 % 60.14 81.0 % 22.45 326.7 % 0.33
Q4 2018 161.51 0.8 % 41.08 47.1 % 2.33 115.7 % 0.03
Q1 2019 154.86 (1.5 %) 34.99 41.0 % (0.31) 97.0 % 0.00
Q2 2019 150.85 (22.9 %) 30.71 (55.8 %) (8.61) (127.2 %) (0.13)
Q3 2019 113.32 (39.5 %) 3.93 (93.5 %) (32.33) (244.0 %) (0.48)
Q4 2019 108.21 (33.0 %) (10.17) (124.8 %) (42.82) (1937.9 %) (0.63)
Q1 2020 120.30 (22.3 %) 4.23 (87.9 %) (28.60) (9,096.1 %) (0.42)
Q2 2020 98.50 (34.7 %) 0.33 (98.9 %) (31.28) (263.2 %) (0.46)
Q3 2020 132.28 16.7 % (9.37) (338.5 %) (202.45) (526.3 %) (3.00)
Q4 2020 144.63 33.7 % 22.74 323.5 % (13.76) 67.9 % (0.20)
Q1 2021 194.79 61.9 % 61.70 1357.7 % 29.88 204.5 % 0.44
Q2 2021 228.30 131.8 % 98.64 30156.7 % 60.17 292.3 % 0.89
Q3 2021 249.56 88.7 % 116.44 1342.6 % 74.11 136.6 % 1.10
Q4 2021 336.90 132.9 % 161.29 609.4 % 79.86 680.4 % 1.18
Q1 2022 305.65 56.9 % 150.56 144.0 % 102.67 243.7 % 1.52
Q2 2022 325.81 42.7 % 146.64 48.7 % 92.16 53.2 % 1.37
Q3 2022 239.81 (3.9 %) 86.22 (26.0 %) 27.55 (62.8 %) 0.41
Q4 2022 205.56 (39.0 %) 28.77 (82.2 %) (15.95) (120.0 %) (0.24)
Q1 2023 185.42 (39.3 %) 2.93 (98.1 %) (48.84) (147.6 %) (0.72)
Q2 2023 189.66 (41.8 %) 29.68 (79.8 %) (10.19) (111.1 %) (0.15)
Q3 2023 180.77 (24.6 %) 23.46 (72.8 %) (24.59) (189.3 %) (0.36)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 11.14 % 5.55 % (13.08 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

Analysts Estimates (Million)

Item Q3 2023 (e) Q3 2023 (a) Change‬
Average (15.00) (24.59) (64.0 %)

Estimates vs Actual (Million)

Item Q3 2023 (e) Q3 2023 (a) Change
Hermes (15.00) (24.59) (64.0) %


Financial Ratios
Current
Market Cap (M Riyal) 1,006.35
Enterprise Value (EV) (M) 1,392.07
Shares Outstanding ((M)) 67.45
EPS ( Riyal) (TTM) (2.27)
Book Value (BV) ( Riyal) 15.06
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 0.99
Return on Average Assets (%) (TTM) (8.34 )
Return on Average Equity (%) (TTM) (14.02 )
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Share Price

Methanol Chemicals Co.
14.92
(0.30) (1.97 %)

Methanol Chemicals Co. (CHEMANOL)

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