The financial statements of Methanol Chemicals Company (Chemanol) showed an increase in the company's profits in the first quarter of this year by a significant increase of 243.6% year on year.
According to the company's results for the Saudi market (Tadawul), today, Sunday, the profits for the period amounted to 102.67 million riyals, compared to profits for the first quarter of last year, which amounted to 29.88 million riyals.< /p>
The company said in a statement to the stock exchange that the increase in profits during the comparison periods is mainly due to the increase in average selling prices despite the increase in production costs and supply chains in general.
The company's sales in the first quarter of this year amounted to about 305.65 million riyals, compared to 194.79 million riyals in the same period of 2021, an increase of 56.9%.< /p>
The company's operating profit in the first quarter of this year jumped by 214.4% to 112.67 million riyals, compared to 35.84 million riyals for the same period in 2021.
