Chemanol repays SR400 mln of its outstanding loans, expects ‎positive financial impact during the coming years

Methanol Chemicals Company announced that it has repaid all previous loans amounting to 400 million riyals, which will contribute to reducing financial costs, as the mentioned financing was obtained at a cost and competitive terms.

It is expected that there will be a positive financial impact on the company in the coming years as a result of a significant decrease in financial costs compared to previous loans, indicating that the financial impact cannot be determined now due to the change in the internal rate of return between Saudi banks (SIBOR) between the period of and another.

This comes in addition to its announcement published on the Tadawul website on July 13, 2022, regarding obtaining Shariah-compliant Murabaha loans to finance the methanol plant expansion project and repay all existing loans.