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Chemanol suffers SAR 28m losses in Q1-20

Chemanol suffers SAR 28m losses in Q1-20
Revenues for Q1-20 slid by 22.3% YoY
CHEMANOL
2001
0.62% 8.13 0.05

Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) on Monday reported an annual surge in net losses after Zakat and tax in the first quarter (Q1) of 2020, reaching SAR 28.6 million from SAR 310,000.

Revenues came at SAR 120.3 million in the period ending 31 March 2020, down by 22.3% year-on-year (YoY) when compared to SAR 154.86 million in Q1-19, according to a stock exchange filing on Monday.

The growth in interim losses is mainly attributed to lower sales volumes due to scheduled regular maintenance activities for the company's methanol and dimethylformamide (DMF) plants last January announced on 29 December 2019.