Methanol Chemicals records profit jump of 224% to SR103 mln in 1Q

Methanol Chemicals Co. announced that its profits after zakat and tax jumped 244% to SR 103 million in the first quarter of 2022 compared to 30 million during the same period of 2021.

This came after Methanol Chemicals announcement on Wednesday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit climbed 214% to SR 113 million in the 1^st quarter of the current year from SR 36 million in the same period of the previous year.

Gross profit of Methanol Chemicals advanced 144% to SR 151 million in the first quarter of this year from SR 62 million a year ago, while the profit per share soared to SR 1.52 from SR 0.44.

The reason of the increase in the net profit of the Company during the current quarter compared to the same quarter of the last year is primarily due to an increase in the average selling prices despite the increase in costs of production and supply chain in general.

The reason of the increase in the net profit of the Company during the current quarter compared to the previous quarter is primarily due to an increase in the average selling prices despite the increase in costs of production and supply chain in general.

It is worth noting that the net profit for the current quarter is the highest achieved since the establishment of the Company despite the increase in costs in general, and rise in global inflation.

Earnings per share for the period ended March 31, 2021, has been calculated retroactively as a result of a change in the number of shares after reducing the Company’s capital in accordance with the Extraordinary General Assembly resolution dated 28/06/2021, and accordingly the number of the Company’s shares has been reduced from 120,600,000 to 67,450,863 shares.