Saudi Chemanol profits zoom 244% to record highest-ever quarterly gain 

RIYADH: Saudi Methanol Chemicals Co., or Chemanol, posted the highest quarterly profit since it was founded, climbing 244 percent in the first quarter of 2022.

The methanol manufacturer's profit rose to SR103 million ($27 million), compared to SR30 million for the same period a year earlier, according to a bourse filing.

The results were largely driven by increased average selling prices despite higher production and supply chain costs.

Chemanol, one of the first private sector petrochemical companies in the Gulf Cooperation Council, has a paid-up capital of SR1.2 billion.