Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) on Thursday reported a 526.2% annual increase in quarterly losses to SAR 202.45 million, compared to SAR 32.33 million in the prior-year period.

The rise in losses was primarily driven by an impairment of certain assets of the company by SAR 157 million, coupled with lower products' prices and higher provisions, according to a stock exchange statement.

However, the company increased its sales volume during Q3-20 by about 39% and rationalised costs.

Revenue for this year’s third quarter (Q3) rose by 16.7% on an annual basis to SAR 132.28 million.

During the first nine months of 2020, the company’s losses surged by 535.98% yearly to reach SAR 262.34 million.