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Methanol Chemicals Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

CHEMANOL 2001 -0.70% 14.28 -0.10
Element List Current Quarter Similar quarter for previous year %Change Previous Quarter % Change
Sales/Revenue 194.79 120.3 61.92 144.63 34.681
Gross Profit (Loss) 61.7 4.23 1,358.628 22.74 171.328
Operational Profit (Loss) 35.84 -18.73 - -5.11 -
Net Profit (Loss) after Zakat and Tax 29.88 -28.6 - -13.75 -
Total Comprehensive Income 29.88 -28.6 - -12.94 -
All figures are in (Millions) Saudi Arabia, Riyals
Element List Current Period Similar period for previous year %Change
Total Share Holders Equity (after Deducting Minority Equity) 808.41 778.53 3.838
Profit (Loss) per Share 0.25 -0.11
All figures are in (Millions) Saudi Arabia, Riyals
Accumulated Losses Capital Percentage %
514.56 1,206 42.67
All figures are in (Millions) Saudi Arabia, Riyals
Element List Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for achieving net profit during the current quarter compared to the same quarter of the previous year is due to improvement in operational performance of most of Company’s plants which led to increase in the product quantities sold by 22.5%, in addition to an increase in the average selling prices.

The results of the same quarter of the previous year were affected by decrease in sales and increase in costs due to the periodic scheduled shutdown activities which were announced during the mentioned quarter.

Also, finance costs have significantly dropped during this quarter after the Company successfully restructured its outstanding loans and low interest rate.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The Company achieved net profit during the current quarter compared to the previous quarter due to increase in the average selling prices along with increase in volume of sales and decrease in finance costs as a result of the restructuring of the outstanding loans and low interest rate.

It is worth mentioning that the Company’s sales had been affected in Q4 of 2020 by the full and partial lockdown in certain global markets due to the Covid-19.

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items -
Additional Information The accumulated losses decreased as of 31/03/2021 to SAR 514.6 million which represents 42.67% of the Company’s share capital of SAR 1,206 million (amounted to SAR 544.5 million which represents 45.14% of the share capital as of 31/12/2020). The date on which such losses recorded was 31/03/2021 and the main reasons for that are attributable to impairment of certain assets of the Company during current and previous periods which represents 62% of the total accumulated losses as of 31/03/2021, in addition to lower prices of certain petrochemical products over past few years due to the slowdown in global demand.

The Company will implement the procedures and instructions issued by the Capital Market Authority (CMA) for the listed companies whose accumulated losses exceed 20% of its capital.

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