Methanol Chemicals Co. announces its Annual Financial results for the period ending on 2023-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	727.97	1,076.82	-32.4
Gross Profit (Loss)	9.4	412.19	-97.72
Operational Profit (Loss)	-146.21	244.39	-
Net profit (Loss)	-177.8	206.43	-
Total Comprehensive Income	-181.06	203.07	-
Total Share Holders Equity (After Deducting the Minority Equity)	1,040.56	1,221.62	-14.82
Profit (Loss) per Share	-2.64	3.06
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year	The reason for the decrease in revenue during the current year as compared to the last year is mainly due to the decline in the average selling prices of the major products by 37%, despite the increase in selling quantities by 7% in the current year as compared to last year
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The reason for the losses during the current year as compared to the profit last year is mainly due to the significant decline in the average selling prices of the major products by 37%, despite the increase in selling quantities by 7% in the current year as compared to last year, even though there was a major turnaround of Methanol plant done in Q1 2023 as announced earlier on 23 Feb 2023. Moreover, the company recorded an impairment loss of SR 72 million during the year.

Element List

Explanation

The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year

The reason for the decrease in revenue during the current year as compared to the last year is mainly due to the decline in the average selling prices of the major products by 37%, despite the increase in selling quantities by 7% in the current year as compared to last year

The reason of the increase (decrease) in the net profit during the current year compared to the last year is

The reason for the losses during the current year as compared to the profit last year is mainly due to the significant decline in the average selling prices of the major products by 37%, despite the increase in selling quantities by 7% in the current year as compared to last year, even though there was a major turnaround of Methanol plant done in Q1 2023 as announced earlier on 23 Feb 2023. Moreover, the company recorded an impairment loss of SR 72 million during the year.

It is worth noting that the percentage decline in average selling prices was higher as compared to the decline in the prices of major raw materials. Statement of the type of external auditor's report Unmodified opinion Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) N/A Reclassification of Comparison Items N/A Additional Information During the year, considering the volatility in the petrochemical sector and recent increased uncertainty around the short and medium-term demand of certain of the Company’s products and forecasted prices of such products, Management has revisited its business plan, taking into consideration most recent available information.

Accordingly, the Company has recorded an impairment loss of SR 72 million during the year.

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