Riyadh –  Methanol Chemicals Company (Chemanol) recorded net profits after Zakat and tax worth SAR 206.43 million in 2022, an annual decline of 15.40% from SAR 244 million.

The Saudi firm posted revenues worth SAR 1.07 billion in 2022, higher by 6.66% year-on-year (YoY) than SAR 1 billion, according to the annual income statements.

Earnings per share (EPS) stood at SAR 3.06 last year, versus SAR 3.62 as of 31 December 2021.

In the first nine months (9M) of 2022, Chemanol generated SAR 222.38 million in net profit after Zakat and tax, a 35.47% YoY hike from SAR 164.15 million.

Revenues increased by 29.53% to SAR 871.26 million in 9M-22 from SAR 672.65 million in 9M-21, while the EPS rose to SAR 3.30 from SAR 2.43.

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