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Chemanol reports 263% higher loss in Q2

Chemanol reports 263% higher loss in Q2
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Riyadh – Mubasher: The net loss of Methanol Chemicals Company (Chemanol) widened by 263.3% in the second quarter (Q2) ended 30 June 2020, standing at SAR 31.28 million from SAR 8.61 million in the same period in 2019.

The leap in quarterly losses is ascribed to lower sales volume and prices as a result of the full or partial closure of most of the global markets because of the coronavirus pandemic, according to a stock exchange statement on Tuesday. 

On the other hand, the company rationalised its costs to further narrow the incurred losses.

Revenues retreated by 34.7% in Q2-20, recording SAR 98.5 million, compared to SAR 150.85 million during Q2-19. 

In the first half (H1) of 2020, the losses jumped by 571.3% on an annual basis to SAR 59.88 million.