اعلان شركة كيمائيات الميثانول عن النتائج المالية الأولية للفترة المنتهية في 2021-09-30 ( تسعة 

A2001 CHEMANOL-0.9 (-2.38 %)
1443/03/21 Wed Oct 27, 2021 15:34:56

Methanol Chemicals Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

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Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	249.55	132.28	88.652	228.3	9.307
Gross Profit (Loss)	116.44	-166.47	-	98.64	18.045
Operational Profit (Loss)	83.69	-191.26	-	71.34	17.311
Net Profit (Loss) after Zakat and Tax	74.11	-202.45	-	60.17	23.167
Total Comprehensive Income	74.11	-202.45	-	60.17	23.167
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	672.65	351.08	91.594
Gross Profit (Loss)	276.78	-161.91	-
Operational Profit (Loss)	190.88	-231.31	-
Net Profit (Loss) after Zakat and Tax	164.15	-262.34	-
Total Comprehensive Income	164.15	-262.34	-
Total Share Holders Equity (after Deducting Minority Equity)	942.68	791.48	19.103
Profit (Loss) per Share	2.43	-3.89
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 Company achieved net profits during the current quarter compared to the same quarter of the previous year primarily due to improvement in the Company's operational performance in addition to an increase in the average selling prices despite the increase in production costs in general, taking in account that the results of the same quarter of the previous year were affected by impairment of Company's certain assets due to Covid-19 pandemic. Also, finance costs have significantly dropped during this quarter after the Company successfully restructured its outstanding loans as well as due to decrease in 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 net profits increased during the current quarter compared to the previous quarter mainly due to increase in the average selling prices despite the increase in production costs in general. Also, the Company's continued efforts to explore new markets with higher profit margins has contributed to increase revenues.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The Company achieved net profits during the current period compared to the same period of the previous year primarily due to improvement in the Company's operational performance in addition to an increase in the average selling prices despite the increase in production costs in general, taking in account that the results of the same period of the previous year were affected impairment of Company's certain assets due to Covid-19 pandemic. Also, finance costs have significantly dropped during this period after the Company successfully restructured its outstanding loans as well as due to decrease in interest rate.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	Certain prior period figures have been reclassified to conform to current period's presentation.
Additional Information	On October 5, 2021, the Company announced that it had submitted the Application File to increase its capital by offering Rights Issue to the Capital Market Authority (CMA). The Company aims primarily from this process to sustain profitability and enhance its financial position. Also, this Rights Issue transaction will lead to further expand the methanol plant and increase its production capacity by 100,000 metric tons, which will result in reducing production costs for all the Company's products and maximizing financial returns. This expansion will also allow the Company to start the implementation of its future projects announced on March 02, 2020, to align with the growth and economic changes occurring in the Kingdom of Saudi Arabia as part of its ambitious vision 2030. It is worth mentioning that the net profit for the current quarter and the current period is the highest achieved since the establishment of the Company, and the growth in revenues during the period ending on September 30, 2021 is due to re-directing the Company's sales to high value chemical applications and geographical areas that have better margins, also there is an accelerated growth of demand in the global market which positively reflected on the revenues' increase. The Company is constantly evaluating its future strategy in light of the noticeable change in the global energy market and it is working to discover new high value chemical products and applications. Hence, such endeavors will be announced when material developments occur. Earnings per share for the period ending September 30, 2020, has been calculated retroactively as a result of a change in the number of shares after reducing the Company's capital, According to the resolution of extra-ordinary general assembly dated on 28/06/2021, as consequence of reducing the number of shares from 120,600,000 to 67,450,863

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.