|30 October, 2019

Saudi-based Methanol Chemicals swings to losses in Q3

Revenues of the Saudi firm plunged by 39.4% to SAR 113.32 million in Q3-19

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Riyadh: Methanol Chemicals Company (Chemanol) turned to losses during the third quarter of 2019, suffering SAR 32.33 million.

Revenues of the Saudi firm plunged by 39.4% to SAR 113.32 million in Q3-19, compared to SAR 187.22 million in Q3-18, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

During the first nine months of 2019, Chemanol suffered SAR 41.25 million in losses, against profits of SAR 43.82 million in the same period last year.

Year-on-year, total revenues reached SAR 419.03 million in nine months, 22.4% lower from SAR 540.1 million in the corresponding period of FY 2018.

By the end of September, loss per share recorded SAR 0.34, versus a profit per share of SAR 0.36 in September 2018.

Source: Mubasher

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