Methanol Chemicals Company (Chemanol) announces the interim financial results for the period ended 31/03/2012 as follows:
1.Net profit during the first quarter amounted to SAR 25.25 million as compared to SAR 9.65 million for the same period of last year which is an increase of 162% and SAR 23.31 million in the previous quarter, which is decrease of 8%.
2.Gross profit during the first quarter amounted to SAR 61.94 million as compared to SAR 41.32 million for the same period of last year which is an increase of 50%.
3.Total operating profit during the first quarter amounted to SAR 36.96 million as compared to SAR 20.48 million for the same period of last year, which is an increase 80%.
4.Earnings per share in the three months amounted to SAR 0.21 as compared to SAR 0.08 for the same period of the last year.
5.The increase in net profit for the first quarter of 2012 is mainly due to improved sales volume, as well as higher operational efficiencies over the same period of last year.
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