Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) swung to net losses after Zakat and tax worth SAR 59.03 million in the first half (H1) of 2023, versus net profits of SAR 194.83 million in H1-22.
Chemanol posted 40.60% year-on-year (YoY) lower revenues at SAR 375.08 million during the January-June 2023 period, compared to SAR 631.45 million.
Loss per share stood at SAR 0.88 in H1-23, against earnings per share (EPS) of SAR 2.89 in H1-22, according to the estimated income statements.
Financial Results for Q2-23
The Saudi company also shifted to net losses valued at SAR 10.19 million in the second quarter (Q2) of 2023, compared to net profits standing at SAR 92.16 million in Q2-22.
Meanwhile, the revenues shrank by 41.79% to SAR 189.66 million in the three-month period that ended on 30 June 2023, versus SAR 325.80 million a year earlier.
On a quarterly basis, the Q2-23 net losses plummeted by 79.14% from the SAR 48.84 million losses incurred in Q1-23, while the revenues grew by 2.29 % from SAR 185.42 million.
