Shares of Chemanol soar to all-time high following highest profit in Q1

Chemanol Shares rose to their highest level since listing, following bumper quarterly results.

At the start of the trading day, the company's shares gained 4.75 percent at SR49.60, topping the gainers list on the Saudi stock market.

Saudi Methanol Chemicals Co., or Chemanol, has achieved the highest profit since its establishment, surging 244 percent in the first quarter of 2022.

The methanol manufacturer's profit rose to SR102 million ($27.2 million), compared to SR29 million for the same period a year earlier, it said in a bourse filing.

The company attributed the results to higher average selling prices, despite higher production and supply chain costs.