On Sunday, May 21, the Saudi Chemanol Company announced its financial results for the first quarter of 2023, which witnessed losses amounting to 48.8 million riyals, compared to profits of 102.6 million riyals in the same period last year.
The company also recorded operating losses amounting to 41.1 million riyals, compared to profits of 112.6 in the same period last year.
The reason for the losses in this quarter is due to the decrease in the average selling prices, which was not matched by a similar decrease in the prices of the main raw materials, in addition to the decrease in the volume of production and sales mainly as a result of the periodic maintenance work of some of the company’s factories during the current quarter, in addition to a slowdown in the demand for some of the company’s products during the quarter. current, according to the company statement.
