RIYADH: Saudi Methanol Chemicals Co.’s profit surged 116 percent in the first half of 2022, supported by a rise in sales.
In a bourse filing, the company, better known as Chemanol, said higher average selling prices and its continued efforts to explore new markets with higher profit margins led to an increase in profit to SR195 million ($52 million) from SR90 million a year ago.
The homegrown methanol producer also reported a 49-percent jump in sales to SR631 million during the six-month period.
Most recently, Chemanol announced it obtained Shariah-compliant financing worth SR695 million to settle existing loans and support its financial position.