Chemanol turns to net profit of SAR 244 mln in 2021

Methanol Chemicals Co. (Chemanol) swung to a net profit after Zakat and tax of SAR 244 million in 2021, compared to a net loss of SAR 276.1 million a year earlier, driven by higher average selling prices and the company’s continuous efforts to boost revenue

Moreover, plant reliability witnessed significant improvement, which in turn reduced unplanned shutdowns, increased sales volumes and reduced the fixed cost per metric ton. This came despite an increase in the costs of certain raw materials and supply chain in general.

However, the 2021 profit was affected by the SAR 25 million impairment of certain assets of Chemanol. Also, finance costs significantly dropped during the year after the company successfully restructured its outstanding loans as well as due to decrease in interest rate.

In Q4 2021, the company turned to a net profit after Zakat and tax of SAR 79.8 million, from SAR a net loss of 13.76 million in the year-ago period.

On a quarterly basis, net profit grew by 7.7% from SAR 74.11 million.

Total shareholders equity, after minority interest, increased by 30.8% to SAR 1.018 billion in 2021, from SAR 778.53 million in 2020.

View more financial results