Riyadh –  Methanol Chemicals Company (Chemanol) shifted to net losses amounting to SAR 177.80 million in 2023, compared to net profits valued at SAR 206.43 million in 2022.

Chemanol witnessed 32.40% year-on-year (YoY) lower revenues at SAR 727.97 million as of 31 December 2023, versus SAR 1.07 billion, according to the financial results.

The registered losses were mainly due to the significant decline in the average selling prices of the major products by 37%, despite the increase in selling quantities by 7%.

The loss per share reached SAR 2.64 last year, against earnings per share (EPS) of SAR 3.06 in 2022.

In the nine-month period that ended on 30 September 2023, the Saudi company swung to net losses after Zakat and tax worth SAR 83.62 million, compared to profits of SAR 222.38 million in 9M-22.

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