The financial statements of Methanol Chemicals Company (Chemanol) showed an increase in the company's profits in the second quarter of this year by 53.2% on an annual basis, to reach 92.16 million riyals, compared to 60.17 million riyals in profits for the same period in 2021.
The company said in a statement to the Saudi market (Tadawul), today, Thursday, that the increase in profits during the comparative periods is mainly due to the increase in average selling prices and the geographical expansion of the company's sales.
The company achieved sales of 325.81 million riyals in the second quarter of this year, compared to 228.30 million riyals sales for the same period of the previous year, an increase of 42.7%.
The company also recorded sales in the entire first half of about 631.45 million riyals, compared to 423.09 million riyals for the same period last year, an increase of 49.3%.
The company’s profits in the first half of this year amounted to 194.83 million riyals, a significant increase of 116.4% compared to the profits of the same period in 2021, which amounted to 90.04 million riyals at the time.
