Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) on Sunday announced it has turned profitable with SAR 22.45 million in net profits for the third quarter of 2018, against a loss of SAR 9.9 million in Q3-17.

The company’s revenue increased 11.57% year-on-year to SAR 187.22 million during Q3-18, versus SAR 167.79 million, according to a filing to the Saudi Stock Exchange (Tadawul).

During the first nine months of this year, the company generated SAR 43.82 million in profits, against a net loss of SAR 12.9 million in the year-ago period.

Sales rose 2.26% to SAR 540.1 million in the nine-month period of the year, compared to SAR 523.01 million in the corresponding period a year earlier.

Earnings per share (EPS) stood at SAR 0.36 at the end of September, against a loss per share of SAR 0.11 in the prior-year period.

Chemanol previously posted profits of SAR 31.63 million for in Q2-18, up 1,107.25% year-on-year from SAR 2.62 million.

As for the first half of 2018, the chemicals company’s net profits amounted to SAR 21.37 million, versus a net loss of SAR 2.99 million in the year-ago period.