Riyadh –  Methanol Chemicals Company (Chemanol) has posted a 243.60% year-on-year (YoY) hike in net profits after Zakat and tax to SAR 102.67 million during the first quarter (Q1) of 2022, compared to SAR 29.88 million.

The company’s revenues reached SAR 305.65 million during the first three months (3M) of 2022, an annual jump of 56.91% from SAR 194.79 million, according to the initial financials for the period ended on 31 March 2022.

During the January-March period in 2022, the earnings per share (EPS) stood at SAR 1.52, higher than SAR 0.44 in the year-ago period.

On a quarterly basis, the revenues in Q1-22 dropped by 9.27% from SAR 336.91 million in Q4-21, while the net profits increased by 28.59% from SAR 79.84 million.

In 2021, Chemanol logged net profits after Zakat and tax worth SAR 243.98 million, versus net losses of SAR 276.09 million in 2020.

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