Riyadh: Methanol Chemicals Company (Chemanol) on Wednesday announced achieving SAR 31.63 million ($8.43 million) in profits in the second quarter of 2018, up 1,107.25% year-on-year from SAR 2.62 million ($700,000).
Chemanol had incurred SAR 10.26 million in losses during Q1-18, the company said in a statement to the Saudi Stock Exchange (Tadawul).
As for the first six months of the current year, the chemicals company’s net profits amounted to SAR 21.37 million versus a net loss of SAR 2.99 million in the year-ago period.
Earnings per share stood at SAR 0.18 in H1-18 against losses per share (LPS) of SAR 0.02 in H1-17, Chemanol’s bourse filing showed.
The increase in net profits is attributed to improvements in operational performance of the factories, which led to a rise in production and sales, added to the continuation of cost control programme, Chemanol said.
The Saudi firm’s operational profits hiked 97.49% to SAR 42.52 million in H1-18 from SAR 21.53 million in the corresponding period of 2017.
Chemanol’s stock closed Wednesday stable at SAR 10.54.