Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) announced that its accumulated losses have decreased to represent 0% of the capital as on 28 June 2021.

Chemanol succeeded to shrink its accumulated losses after reducing the capital by SAR 531.49 million to SAR 674.5 million from SAR 1.2 billion, according to a bourse filing on Thursday.

The company further noted that as a result of profits achieved in the first quarter (Q1) of 2021, the retained earnings currently represent 2.51% of the capital after the reduction.

Chemanol registered net profits worth SAR 29.88 million in Q1-21.