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Saudi Chemanol trims losses by 73% in 2017

Saudi Chemanol trims losses by 73% in 2017
Chemanol’s losses decreased by 60.4% to SAR 14.8m in Q4-17
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Riyadh – Mubasher: Saudi Arabia-based Methanol Chemicals Company (Chemanol) reduced its losses by 72.7% during the full-year 2017.

The Saudi chemical firm reduced its losses to SAR 27.7 million last year, down from SAR 101.6 million in 2016, according to a statement to the Saudi Stock Exchange (Tadfawul).

The Tadfawul-listed company attributed the drop of losses to a decline in operating expenses.

Chemanol’s losses decreased by 60.4% to SAR 14.8 million in the fourth quarter of 2017 versus SAR 37.3 million during the same quarter in the year before.

In February, the company announced that it would suspend the operations of Dimethylformamide and Methanol units for 21 days.

After halting the units, Chemanol will complete the temporary maintenance and safety works.