Methanol Chemicals Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	228.3	98.5	131.776	194.79	17.203
Gross Profit (Loss)	98.64	0.33	29,790.909	61.7	59.87
Operational Profit (Loss)	71.34	-21.32	-	35.84	99.051
Net Profit (Loss) after Zakat and Tax	60.17	-31.28	-	29.88	101.372
Total Comprehensive Income	60.17	-31.28	-	29.88	101.372
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	423.09	218.8	93.368
Gross Profit (Loss)	160.34	4.56	3,416.228
Operational Profit (Loss)	107.18	-40.05	-
Net Profit (Loss) after Zakat and Tax	90.04	-59.88	-
Total Comprehensive Income	90.04	-59.88	-
Total Share Holders Equity (after Deducting Minority Equity)	868.57	993.93	-12.612
Profit (Loss) per Share	0.75	-0.5
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 Company achieved net profits during the current quarter compared to the same quarter of the previous year primarily due to improvement in operational performance of most of Company’s plants which led to increase in the product quantities sold by 14%, in addition to an increase in the average selling prices, taking in account that the results of the same quarter of the previous year were affected by Covid-19 resulting in decline in revenues. Also, finance costs have significantly dropped during this quarter after the Company successfully restructured its outstanding loans as well as due to decrease in 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 net profits increased during the current quarter compared to the previous quarter mainly due to increase in the average selling prices of the Company’s products. Also, the company has penetrated new markets which resulted in increase of revenues.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is	The Company achieved net profits during the current period compared to the same period of the previous year primarily due to improvement in operational performance of most of Company’s plants which led to increase in the product quantities sold by 18%, in addition to an increase in the average selling prices, taking in account that the results of the same period of the previous year were affected by decline in sales due to Covid-19 pandemic. Also, finance costs have significantly dropped during this quarter as the Company successfully restructured its outstanding loans and due to decrease in interest rate.
Statement of the type of external auditor's report	Unmodified conclusion
Reclassification of Comparison Items	Certain prior period figures have been reclassified to conform to current period’s presentation.
Additional Information	During the Company’s Extraordinary General Assembly meeting held on 18 Dhul Qa'dah 1442H corresponding to 28 June 2021, a decrease in share capital from SR 1,206,000,000 to SR 674,508,630 was approved by the shareholders as proposed by the Board of Directors. The decrease in share capital has been approved through absorbing accumulated losses of the Company amounting to SR 531,491,370. Certain legal formalities relating to the above are still in progress as at the reporting date.

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