The annual financial statements of Methanol Chemicals Company (CHEMANOL) showed that the company increased its losses in the first quarter of this year by a large rate that exceeded 9125% compared to the same period of 2019. < / p>
According to the results of the company for the Saudi market (Tadawul) today, the losses for the period amounted to 28.6 million riyals, compared to losses for the first quarter of last year of 0.31 million riyals. p>
The company said in a statement to the stock exchange that the increase in losses during the comparison periods is due to the decrease in the amount of sales.
The company explained that the decrease in the amount of sales comes as a result of the periodic maintenance work scheduled for the manufacturers of methanol and dimethyl formamide in January, which was announced on December 29, 2019.
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The company achieved sales of 120.3 million riyals in the first quarter of this year, compared with 154.86 million riyals for the same period in 2019, a decrease of 22.3%.
