Riyadh – Mubasher: Methanol Chemicals Company disclosed its interim financial results for the second quarter of 2019.

The company moves to losses with SAR 8.61 million during Q2-19, versus profits of SAR 31.63 million in Q2-18, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The move to losses was driven by the drop in Methanol global prices.

Revenues of the Saudi firm plunged by 22.9% to SAR 150.85 million during the three-month period ended June, compared to SAR 195.71 million in the same period of the prior year.

For the first half of 2019, Methanol Chemicals suffered losses worth SAR 8.92, against profits of SAR 21.3 million in H1-18.

The company generates SAR 305.71 million in revenues during H1-19, down 13.3% from SAR 352.8 million in the same period the year before.

Loss per share recorded SAR 0.07 during the first six months of 2019, versus a profit per share of SAR 0.18 in the corresponding period of 2018.