Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) shifted to net losses after Zakat and tax valued at SAR 48.84 million in the first quarter (Q1) of 2023.

The incurred losses were against net profits amounting to SAR 102.67 million in Q1-22, according to the interim income statements.

Revenues plummeted by 39.34% year-on-year (YoY) to SAR 185.42 million during Q1-23 from SAR 305.65 million.

The loss per share hit SAR 0.72 in the first three months (3M) of 2023, compared to earnings per share (EPS) worth SAR 1.52 in the year-ago period.

On a quarterly basis, the net losses in Q1-23 enlarged by 206.21% from SAR 15.95 million in Q4-22, while the revenues declined by 9.80% from SAR 205.56 million.

In 2022, Chemanol posted a 15.40% YoY decrease in net profit after Zakat and tax to SAR 206.43 million from SAR 244 million.