Riyadh – The net losses of Methanol Chemicals Company (Chemanol) retreated by 11.06% year-on-year (YoY) to SAR 52.50 million in the first half (H1) of 2024, compared to SAR 59.03 million.

The revenues amounted to SAR 352.31 million in H1-24, an annual decline of 6.07% from SAR 375.08 million, according to the financial results.

Loss per share plummeted to SAR 0.78 as of 30 June 2024 from SAR 0.88 in the year-ago period.

Financial Results for Q2-24

In the second quarter (Q2) of 2024, the net losses hit SAR 28.28 million, up 177.52% YoY from SAR 10.19 million.

Revenues dropped by 10.87% to SAR 169.04 million in Q2-24 from SAR 189.66 million in Q2-23.

Quarter-on-quarter (QoQ), the net losses in Q2-24 enlarged by 15.52% from SAR 24.48 million in Q1-24, while the revenues declined by 7.76% from SAR 183.27 million.

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