Methanol Chemicals Company (CHEMANOL) announces the interim financial results for the period ended 31/03/2013 as follows:
1.Net profit during the first quarter amounted to SAR 14.07 million as compared to SAR 25.25 million for the same period of last year which is an decrease of 44% and SAR 15.19 million in the previous quarter, which is decrease of 7%.
2. Gross profit during the first quarter amounted to SAR 51.38 million as compared to SAR 61.94 million for the same period of last year which is a decrease of 17%.
3. Total operating profit during the first quarter amounted to SAR 27.81 million as compared to SAR 36.96 million for the same period of last year, which is a decrease 25%.
4. Earnings per share in the three months amounted to SAR 0.12 as compared to SAR 0.21 for the same period of the last year.
5. Net profit this quarter, compared to same period 2012, was decreased mainly due to a decrease in sales (SAR 20mn compared to Q1/2012) caused by delayed sales contracts based on customers request, in addition to a slight decrease in production capacity for some plants where catalysts almost expired, these catalysts are planned to be replaced during the routine maintenance scheduled this year which the company will announce its details later.
Net profit was also decreased by losses incurred from the limited fire incident in the SNF plant totaling around SAR2.9m per our announcement released on Tadawul website on 9/4/2013.
6. Net profit this quarter, compared to fourth quarter 2012 was decreased mainly due to a decrease in sales (SAR 8.2mn compared to Q4/2012) caused by delayed sales contracts based on customers request, in addition to a slight decrease in production capacity for some plants where catalysts almost expired.
Net profit was also decreased by losses incurred from the limited fire incident in the SNF plant totaling around SAR2.9m per our announcement released on Tadawul website on 9/4/2013.
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