Methanol Chemicals Co. announces its Interim Financial Results for the Period Ending on 2021-03-31 ( Three Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	194.79	120.3	61.92	144.63	34.681
Gross Profit (Loss)	61.7	4.23	1,358.628	22.74	171.328
Operational Profit (Loss)	35.84	-18.73	-	-5.11	-
Net Profit (Loss) after Zakat and Tax	29.88	-28.6	-	-13.75	-
Total Comprehensive Income	29.88	-28.6	-	-12.94	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Total Share Holders Equity (after Deducting Minority Equity)	808.41	778.53	3.838
Profit (Loss) per Share	0.25	-0.11
All figures are in (Millions) Saudi Arabia, Riyals

	Accumulated Losses	Capital	Percentage %
	514.56	1,206	42.67
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is	The reason for achieving net profit during the current quarter compared to the same quarter of the previous year is due to improvement in operational performance of most of Company’s plants which led to increase in the product quantities sold by 22.5%, in addition to an increase in the average selling prices.

The results of the same quarter of the previous year were affected by decrease in sales and increase in costs due to the periodic scheduled shutdown activities which were announced during the mentioned quarter.

Also, finance costs have significantly dropped during this quarter after the Company successfully restructured its outstanding loans and low interest rate.The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is The Company achieved net profit during the current quarter compared to the previous quarter due to increase in the average selling prices along with increase in volume of sales and decrease in finance costs as a result of the restructuring of the outstanding loans and low interest rate.

It is worth mentioning that the Company’s sales had been affected in Q4 of 2020 by the full and partial lockdown in certain global markets due to the Covid-19.Statement of the type of external auditor's report Unmodified conclusionReclassification of Comparison Items -Additional Information The accumulated losses decreased as of 31/03/2021 to SAR 514.6 million which represents 42.67% of the Company’s share capital of SAR 1,206 million (amounted to SAR 544.5 million which represents 45.14% of the share capital as of 31/12/2020). The date on which such losses recorded was 31/03/2021 and the main reasons for that are attributable to impairment of certain assets of the Company during current and previous periods which represents 62% of the total accumulated losses as of 31/03/2021, in addition to lower prices of certain petrochemical products over past few years due to the slowdown in global demand.

The Company will implement the procedures and instructions issued by the Capital Market Authority (CMA) for the listed companies whose accumulated losses exceed 20% of its capital.

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.