“Chemanol” losses drop by 50% during Q1 to 24.4 million riyals

Methanol Chemicals Company recorded a net loss of 24.4 million riyals during the first quarter of 2024, compared to a loss of 49 million riyals in the same quarter of last year, a decrease of 50%. This came after today’s announcement of the estimated financial results for the period ending on March 31, 2024 (3 months).

The operating loss amounted to 16.8 million riyals in the first quarter, compared to a loss of 41.1 million riyals in the same quarter of the previous year, a decrease of 59%.

The loss per share in the current period reached 0.36 riyals, compared to a loss of 0.72 riyals in the same period last year.

The reason for the decrease in revenues during the current quarter by 1% compared to the same quarter of the previous year is mainly due to a decrease in average selling prices by 29% despite an increase in quantities sold by 39%.

-The reason for the decrease in losses during the current quarter compared to the losses of the same quarter of the previous year is due to the increase in quantities sold by 39% despite the decrease in average selling prices by 29%.

The average prices of the company’s main products during the current quarter decreased by 30% compared to the same quarter of the previous year.

-The reason for the increase in revenues during the current quarter compared to the previous quarter is mainly due to the increase in quantities sold by 12% despite the decrease in average selling prices by 5%.

-The reason for the decrease in losses during the current quarter compared to the losses of the previous quarter is due to the increase in quantities sold by 12% despite the decrease in average selling prices by 5%.

In addition, there was a one-time impact of asset impairment of SAR 69 million during the previous quarter.