RIYADH: Saudi Methanol Chemicals Co., better known as Chemanol, saw its shares surge almost 8 percent after posting its highest ever half-year profit.
Speaking to Argaam, Chairman Ali Al-Turki said he expects the company to maintain its balanced performance for the rest of the year, despite ongoing global challenges.
“The company is now operating with almost its maximum production capacity,” he added.
At the closing bell on Monday, Chemanol’s share price went up to SR32.7 ($8.7) in response to a 116-percent profit increase for the first half of 2022.
Higher average selling prices and the company’s continued efforts to explore new markets with higher profit margins led to an increase in profit from SR90 million to SR195 million in the year.
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.
