The losses of the Methanol Chemicals Company (Chemanol) increased by 526% to 202.5 million riyals in the third quarter of 2020, compared to 32.3 million riyals in the corresponding period of 2019.
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According to Arabiya Net, losses jumped by 547%, compared to what the company incurred in the previous quarter, which was 31.2 million riyals.
During the first nine months of 2020, Chemanol incurred losses amounting to 262 million riyals, compared to 41.2 million riyals, in the corresponding period of last year, with an increase in the value of losses 536%.
The company said that the increase in net loss is mainly due to the decrease in the value of some of the company's assets by 157 million riyals, which represents 92% of the difference between the net losses of the current quarter And the same quarter of the previous year.
The company has also been affected by the decrease in product prices, as a result of the total and partial closure in some global markets due to the Coronavirus pandemic, and the increase in allocations during the current quarter.
In spite of that, the company increased its sales volume during the current quarter by about 39% compared to the same quarter of the previous year, in addition to rationalizing much of its expenditures, which contributed In reducing losses significantly.
