Methanol Chemicals Company (2001) Q3 2024 earnings summary

Executive summary

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

• Interim statements reviewed by Ernst & Young; no material misstatements identified.

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

Financial highlights

• Revenue for nine months: SAR 531.6 million, down from SAR 555.8 million year-over-year.

• Net loss for nine months: SAR 81.98 million, compared to SAR 83.62 million loss year-over-year.

• Gross profit for nine months: SAR 74.1 million, up from SAR 59.1 million year-over-year.

• Basic and diluted loss per share for nine months: SAR (1.14) vs. SAR (1.24) year-over-year.

• Cash and cash equivalents at period end: SAR 184.4 million, up from SAR 116.4 million at 2023 year-end.

Outlook and guidance

• Management asserts the Group has adequate resources to continue as a going concern for at least 12 months.