Chemanol narrows 9M 2024 loss to SAR 76.9M; Q3 at SAR 24.4M

Methanol Chemicals Co. (Chemanol) narrowed its net losses to SAR 76.9 million in the first nine months of 2024, compared with SAR 83.6 million a year before.

The positive nine-month performance was attributed to the year-on-year (YoY) hike in sales volumes, together with lower average raw material prices although feedstock prices increased at the onset of 2024.

However, revenues declined YoY during the nine-month period, mainly due to lower average selling prices.

In Q3 2024, the chemical producer posted a net loss of SAR 24.4 million, compared with SAR 24.5 million a year earlier, boosted by higher sales volumes and a slight improvement in production costs.

Chemanol also cut the three-month loss from SAR 28.28 million in Q2 2024, as revenues soared on a quarterly basis on the back of the elevated sales volumes.

Total shareholders’ equity, no minority interest, fell to SAR 963.6 million as of Sept. 30, 2024, from SAR 1.13 billion in the year-earlier period.

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