‎ “Chemanol” profits decreased to SR206 mln during 2022, by ‎‎15%‎

The net profit after zakat and tax for the methanol chemicals company “Chemanol” decreased to 206 million riyals during the year 2022, compared to 244 million riyals in the year 2021 AD, by 15%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational profit amounted to 244 million riyals during the year ending in 2022, compared to 286 million riyals in the previous year, a decline of 15%.

As for the total profit, it amounted to 412 million riyals in the current year, compared to 413 million riyals in the previous year, with a decrease of 0.2%.

Earnings per share in the current year amounted to 3.06 riyals, compared to 3.62 riyals in the previous year.

The decrease in the company’s net profits during the current year compared to the previous year is mainly due to the increase in the costs of supply chains and raw materials in general, in addition to the continued decline in average prices during the third and fourth quarters of the current year.

The company said that some of the previous year’s figures were reclassified in line with the current year’s presentation

Total loans decreased during the current year to 352 million riyals compared to 665 million riyals in the previous year, or by 47%.