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Chemanol profits soar 3,175% in Q2 on sales price improvement

Chemanol profits soar 3,175% in Q2 on sales price improvement
Net profits surged to SAR 2.62 million in Q2-17, from SAR 80,000 in Q2-16, according to a statement to the Saudi Stock Exchange (Tadawul)
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Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) on Wednesday said that its net profits jumped 3,175% year-on-year in the second quarter of 2017.

Net profits surged to SAR 2.62 million in Q2-17, from SAR 80,000 in the year-ago period, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed firm attributed the increase in its year-on-year net profits to the improvement of sales prices, operating costs, and the continued implementation of its costs reduction programme.

Sales levelled up 3% to reach SAR 175.8 million in Q2-17, compared to SAR 170.7 million in the same period in the year before.

Meanwhile, at the level of the first six months of the year, Chemanol narrowed its losses by 89.1% to SAR 2.99 million, from SAR 27.4 million in H1-16.

Sales grew 5% to reach SAR 355.2 million in H1-17, compared to SAR 337.96 million in H1-16.

Chemanol's stock went up 0.15% and closed at SAR 6.52 on Wednesday.