Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) turned to net losses after Zakat and tax valued at SAR 83.62 million in the first nine months (9M) of 2023, against profits of SAR 222.38 million in 9M-22.

Revenues stood at SAR 555.85 million in 9M-23, lower by 36.20% year-on-year (YoY) than SAR 871.26 million, according to the interim financial results.

Loss per share hit SAR 1.24 as of 30 September 2023, versus earnings per share (EPS) of SAR 3.30 in 9M-22.

Financial Results for Q3-23

During the third quarter (Q3) of 2023, Chemanol shifted to net losses after Zakat and tax standing at SAR 24.59 million, compared to net profits of SAR 27.55 million a year earlier.

The revenue plummeted by 24.62% to SAR 180.77 million in Q3-23 from SAR 239.81 million in the July-September 2022 period.

On a quarterly basis, the net losses in Q3-23 enlarged by 141.31% from SAR 10.19 million in Q2-23, while the revenues dropped by 4.69% from SAR 189.66 million.