Tuesday, 16 July 2024

Chemanol Achieved Net Profit of Sr74 Million during the Third Quarter

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Saudi Arabia’s Methanol Chemicals Co (Chemanol) achieved a net profit after zakat and tax of SR74.11 million during the third quarter, compared to losses of SR202.45 million during the same quarter of the previous year.

This came after the announcement of the financial results for the period ending on 2021-09-30 (Nine Months).

The operating profit amounted to SR83.69 million during the third quarter, compared to losses of SR191.26 million during the same quarter of the previous year.

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The gross profit amounted to SR116.44 million during the third quarter, compared to a total loss of SR166.47 million during the same quarter of the previous year.

The net profit after zakat and tax during the current period amounted to SR164.15 million, compared to losses of SR262.34 million during the same period of the previous year.

The profit per share during the current period amounted to SR2.43, compared to losses of SR3.89 during the same period of the previous year.

The Company achieved net profits during the current quarter compared to the same quarter of the previous year primarily due to improvement in the Company’s operational performance

In addition to an increase in the average selling prices despite the increase in production costs in general, taking in account that the results of the same quarter of the previous year were affected by impairment of Company’s certain assets due to Covid-19 pandemic.

Also, finance costs have significantly dropped during this quarter after the Company successfully restructured its outstanding loans as well as due to decrease in interest rate.

The Company net profits increased during the current quarter compared to the previous quarter mainly due to increase in the average selling prices despite the increase in production costs in general.

Also, the Company’s continued efforts to explore new markets with higher profit margins have contributed to increase revenues.

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