Methanol Chemicals Company (2001) Q2 2024 earnings summary

Executive summary

• Report covers Methanol Chemicals Company and subsidiaries for the three- and six-month periods ended 30 June 2024.

• Two major acquisitions completed: Addar Chemicals Company (84%) and Global Company for Chemical Industries Ltd. (80%).

• Interim review by EY found no material misstatements in the financial statements.

Financial highlights

• Six-month revenue: SAR 352.3 million, down from SAR 375.1 million year-over-year.

• Six-month net loss: SAR 55.2 million, improved from SAR 59.0 million loss year-over-year.

• Three-month net loss: SAR 30.5 million, compared to SAR 10.2 million loss in Q2 2023.

• Basic and diluted loss per share for six months: SAR (0.78) vs. SAR (0.88) year-over-year.

• Gross profit for six months: SAR 46.4 million, up from SAR 32.6 million year-over-year.

Outlook and guidance

• Management expects adequate resources to continue as a going concern for at least 12 months.

• Share capital increase via rights issue recommended, target reduced from SAR 674.5 million to SAR 350 million.