Riyadh – Mubasher: Saudi Arabia-based Methanol Chemicals Company (Chemanol) on Thursday reported turning a profit during the full-year 2018, against suffering losses in 2017.

Chemanol’s net profits after calculating Zakat and Tax amounted to SAR 46.15 million ($12.30 million) from January to December 2018, against SAR 27.7 million ($7.38 million) in losses in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the positive turn in 2018 financials to an increase in the average of selling prices, an improvement in the operation of most of the company’s plants, and cost saving.

Revenues levelled up 2.7% to SAR 701.61 million in the January-December period of 2018, from SAR 683.21 million in the previous year.

The company’s operational profits skyrocketed 361% to SAR 94.22 million in 2018, compared to SAR 20.42 million in 2017.

Earnings per share (EPS) amounted to 38 halalas last year, against losses per share (LPS) at 23 halalas a year earlier.

Chemanol turned profitable during the fourth quarter of 2018 with SAR 2.33 million in profits, against SAR 14.8 million net losses in Q4-17, according to data compiled by Mubasher.

The company previously reported turning profitable after logging SAR 22.45 million for the third quarter of 2018, against a loss of SAR 9.9 million in Q3-17.

The firm’s stock levelled up 0.40% to close Thursday’s trading session at SAR 10.10.