Chemanol’s net losses shrink 50% in Q1-24 financials

Reuters/Ahmed Yosri

Revenues dropped by 1.15% to SAR 183.27 million as of 31 March 2024 from SAR 185.42 million in the year-ago period

Staff Writer, Mubasher

May 20, 2024

PHOTO

Methanol Chemicals Company (Chemanol) registered 49.91% lower net losses at SAR 24.46 million in the first quarter (Q1) of 2024, compared to SAR 48.84 million in Q1-23.

Revenues dropped by 1.15% to SAR 183.27 million as of 31 March 2024 from SAR 185.42 million in the year-ago period, according to the consolidated financial statements.

Loss per share plunged to SAR 0.36 in the first three months (3M) of 2024 from SAR 0.72 a year earlier.

Quarter-on-quarter (QoQ), the net losses in Q1-24 retreated by 74.02% from SAR 94.18 million in Q4-23, while the revenues climbed by 6.47% from SAR 172.12 million.

In 2023, Chemanol turned to net losses valued at SAR 177.80 million, against net profits worth SAR 206.43 million as of 31 December 2022.

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