Methanol Chemicals Company (Chemanol) announces the interim financial results for the period ended 30/06/2011
1.Net profit during the second quarter amounted to SAR 10.60 million as compared to SAR 8.61 million for the same period of last year which is an increase of 23% and SAR 9.65 million in the previous quarter, which is increase of 10%
2.Gross profit during the second quarter amounted to SAR 42.49 million as compared to SAR 30.48 million for the same period of last year which is an increase of 39%
3.Total operating profit during the second quarter amounted to SAR 21.50 million as compared to SAR 11.83 million for the same period of last year which is an increase of 82%
4.Net profit during six months amounted to SAR 20.25 million as compared to SAR 17.67 million for the same period of last year which is an increase 15%
5.Earnings per share in the six months amounted to SAR 0.17 as compared to SAR 0.15 for the same period of the last year
6.Gross profit during six months amounted to SAR 83.81 million as compared to SAR 60.86 million for the same period of last year which is an increase of 38%
7.Total operating profit during six months amounted to SAR 41.98 million as compared to SAR 24.42 million for the same period of last year which is an increase of 72%
8.The increase in net profit for the second quarter of 2011 is mainly due to improved prices for all products over the same period of last year and the sales volume which has increased by 62% as compared for the same period of the last year, this is due to the ability of the company to marketing quantities products from the new projects
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