Methanol Chemicals Co. (Chemanol) swung to a net loss of SAR 177.8 million in 2023, against a net profit of SAR 206.4 million a year before.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 1,076.82 | 727.97 | (32.4 %) |
| Gross Income | 412.19 | 9.39 | (97.7 %) |
| Operating Income | 251.15 | (145.07) | (157.8 %) |
| Net Income | 206.43 | (177.80) | (186.1 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | 3.06 | (2.64) | (186.1 %) |
Chemanol recorded lower revenue in 2023, on a 37% year-on-year (YoY) decline in the average selling prices of key products, despite a 7% YoY increase in sales volumes.
It also reported here was a major turnaround of the methanol plant in Q1 2023, recording an impairment loss of SAR 72 million.
In Q4 2023, the company slid into a deeper net loss of SAR 94.2 million, compared to SAR 15.9 million in Q4 2022.
Compared to Q3 2023, net losses also widened from SAR 24.59 million.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 205.56 | 172.12 | (16.3 %) |
| Gross Income | 28.77 | (46.68) | (262.2 %) |
| Operating Income | (8.58) | (84.92) | (889.6 %) |
| Net Income | (15.95) | (94.18) | (490.3 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | (0.24) | (1.40) | (490.3 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 180.77 | 172.12 | (4.8 %) |
| Gross Income | 23.46 | (46.68) | (299.0 %) |
| Operating Income | (16.04) | (84.92) | (429.5 %) |
| Net Income | (24.59) | (94.18) | (282.9 %) |
| Average Shares | 67.45 | 67.45 | - |
| EPS (Riyals) | (0.36) | (1.40) | (282.9 %) |
Total shareholders’ equity, no minority interest, fell to SAR 1.04 billion as of Dec. 31, 2023, from SAR 1.22 billion in the year-earlier period.
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