Rising costs of supply chains and raw materials are putting pressure on the company’s performance
The net profits of the Methanol Chemicals Company – “Chemanol” decreased by 15.4% in 2022, to about 206.43 million riyals, after zakat and tax, compared to about 244 million riyals in 2021.
In a statement on Tadawul Saudi Arabia, today, Wednesday, Chemanol attributed the decrease in annual net profits mainly to the high costs of supply chains and raw materials in general, in addition to the continued decline in average prices during the third and fourth quarters of 2022.
The 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 the total loans during the year 2022 decreased to 352 million riyals compared to about 665 million riyals in the previous year, or 47%, and this was the result of restructuring loans and early payment of some payments to reduce the financial burden on the company’s shoulders as a result of the high interest rate. between Saudi banks (SIBOR).
