Chemanol turns profitable in nine months

The positive turn in the financial results was ascribed to improved operational performance

  
Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) turned to net profits of SAR 164.15 million in the first nine months of 2021, against net losses of SAR 262.34 million in the year-ago period.

Chemanol generated SAR 672.65 million in sales in the January-September period, up from SAR 351.08 million in the corresponding period in 2020, according to a bourse disclosure on Sunday.

As for the third quarter (Q3) of 2021, the company logged SAR 74.1 million in net profits after Zakat and tax, versus net losses of SAR 202.45 million in Q3-21.

The sales rose to SAR 249.55 million in the July-September period, compared to SAR 132.28 million in the prior-year period.

The positive turn in the financial results was ascribed to improved operational performance and an increase in the average selling prices despite the rise in production costs.

Moreover, financing costs dropped during this period thanks to restructuring the company's outstanding loans as well as a decline in interest rate.

During the first half (H1) of 2021, the company recorded a net profit after Zakat and tax worth SAR 90.04 million, against losses of SAR 59.88 million in H1-20.

Source: Mubasher

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