Methanol Chemicals Company achieved net profits with a growth of 101%, amounting to 60 million riyals in the second quarter of 2021, compared to losses of 31 million riyals in the corresponding period of 2020, compared to 29.8 million riyals in the previous quarter.
According to Arabia Net, the company's operating profit in the second quarter amounted to 71 million riyals, compared to losses in the second quarter of 2020, which amounted to 21 million riyals.
During the first half of 2021, Chemanol's profits amounted to 90 million riyals, compared to losses of 59.8 million riyals, in the first half of 2020.
The company attributed the achievement of quarterly profits to the improvement in the operational performance of most of the company's factories, which led to an increase in sold quantities by 14% in addition to an increase in average selling prices, noting that the results of the quarter The same as last year was affected by a decrease in sales due to the emerging Corona Virus (Covid 19) pandemic.
Finance costs have decreased significantly in the current quarter following the company's successful loan restructuring process and low interest rate.
