Chemanol’s Profits Fall 15.4% to 206.4 Million Riyals in 2022

Net profit of Methanol Chemicals Company – “Chemanol” decreased by 15.4% in 2022, to approximately 206.43 million riyals, after zakat and taxes, compared to approximately 244 million riyals in 2021.

In a statement in Tadawul Saudi Arabia on Wednesday, Chemanol attributed the decrease in annual net profit mainly to high costs of supply chains and raw materials. prime in overall, in addition to the continued decline in average prices during the third and fourth quarters of 2022.

Total profit decreased by 0.21%, to about 412.19 million riyals, in 2022, compared to 413.07 million riyals in 2021.

Chemanol indicated that total loans during the year 2022 fell to 352 million riyals from about 665 million riyals in the previous year, or 47%, and this was a result of loan restructuring and prepayment of certain payments to reduce the financial burden on the company due to the high interest rate The interest among Saudi banks (SIBOR).