Methanol Chemicals Company (Chemanol) announces the interim financial results for the period ended 30/06/2012 ( Six months ) as follows:
1.Net profit during the second quarter amounted to SAR 25.83 million as compared to SAR 10.60 million for the same period of last year which is an increase of 144% and SAR 25.25 million in the previous quarter, which is increase of 2%.
2.Gross profit during the second quarter amounted to SAR 62.80 million as compared to SAR 42.49 million for the same period of last year which is an increase of 48%.
3.Total operating profit during the second quarter amounted to SAR 37.60 million as compared to SAR 21.50 million for the same period of last year which is an increase of 75%.
4.Net profit during six months amounted to SAR 51.08 million as compared to SAR 20.25 million for the same period of last year which is an increase 152%
5.Earnings per share in the six months amounted to SAR 0.42 as compared to SAR 0.17 for the same period of the last year.
6.Gross profit during six months amounted to SAR 124.74 million as compared to SAR 83.81 million for the same period of last year which is an increase of 49%.
7.Total operating profit during six months amounted to SAR 74.55 million as compared to SAR 41.98 million for the same period of last year which is an increase of 78%.
8.The increase in net profit for the second quarter of 2012 as compared to first quarter of the same year & the same period of last year is mainly due to increase in the sales volume as well as price reduction in key raw materials and improvement in overall operational efficiencies compared to the same period of the last year.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.