Riyadh – Mubasher: Methanol Chemicals Co. (Chemanol) posted the financial results for the period ended in 31 December, 2015. It incurred a net loss of SAR60 million in Q4, against SAR18 million in Q4-14, up 230%.
Moreover, the twelve-month net loss reached SAR139.3 million, against a SAR32 million profit a year earlier .
The company ascribed the rise in losses to low sales in Q4. Sales declined by 21% to SAR43.9 million, leading to a SAR20.7 million loss margin in Q4, compared with SAR29 million last year.
The losses incurred in FY15 were ascribed to a decrease by around 17% in sales.
