Methanol Chemicals Company (Chemanol) announces the interim financial results for the period ended 31/12/2011 as follows:
1.Net profit during the fourth quarter amounted to SAR 23.31 million as compared to SAR 4 million for the same period of last year which is an increase of 483% and SAR 26.65 million in the previous quarter, which is decrease of 12.5%.
2.Gross profit during the fourth quarter amounted to SAR 52.99 million as compared to SAR 38.09 million for the same period of last year which is an increase of 39%.
3.Total operating profit during the fourth quarter amounted to SAR 32.88 million as compared to SAR 16.84 million for the same period of last year which is an increase of 95.25%.
4.Net profit during twelve months amounted to SAR 70.21 million as compared to SAR 6.04 million for the same period of last year which is an increase 1062%.
5.Earnings per share in the twelve months amounted to SAR 0.58 as compared to SAR 0.05 for the same period of the last year.
6.Gross profit during twelve months amounted to SAR 191.81 million as compared to SAR 118.92 million for the same period of last year which is an increase of 61%.
7.Total operating profit during twelve months amounted to SAR 110.82 million as compared to SAR 40.04 million for the same period of last year which is an increase of 177%.
8.The increase in net profit for the fourth quarter of 2011 is mainly due to improved sales volume and sales prices as well as higher operational efficiencies over the same period of last year. As compared to Q3 2011, profitability for Q4 2011 is lower mainly due to planned shutdown of Methanol & Di-MethylFormamide plants for improving the efficiencies and enhancing productivity as earlier announced on October 12, 2011.
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