Chemanol cuts H1 2024 loss to SAR 52.5M, Q2 at SAR 28.3M

Methanol Chemicals Co. (Chemanol) narrowed H1 2024 net losses to SAR 52.5 million from SAR 59 million in the first half of 2023.

The decline in the first-half losses was attributed to a 16% rise year-on-year (YoY) in sales volumes and a 21% drop in the average prices of raw materials despite, a 40% leap in natural gas prices in early 2024.

This was offset by lower revenue on a 19% fall in average selling prices.

In the second quarter, the company slid into a deeper loss of SAR 28.2 million, compared to SAR 10.19 million in Q2 2023. Revenue shrank due to an 8% YoY drop in average selling prices.

Sales volumes also decreased by 3%. Natural gas prices also increased by 40% YoY earlier this year.

Compared to Q1 2024, net losses increased by 15.5% from SAR 24.4 million as average sales volumes declined by 13% on a sequential basis despite a 6% rise in average selling prices.

Total shareholders’ equity, no minority interest, dropped to SAR 98.05 million as of June 30, 2024, from SAR 1.16 billion a year earlier.

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