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Kimloon Cuts Quarterly Losses Significantly
Methanool Chemicals Company "KEMAPOL" announced a reduction in its quarterly losses by 89.5% in the second quarter of 2026, with losses amounting to 35.25 million Saudi riyals compared to 337.03 million riyals in the same period last year. This occurred despite a 1.6% decline in revenues due to lower sales volumes. The company recorded accumulated losses of 632.9 million riyals, roughly 94% of its capital, which raised doubts about its continued viability. However, the financial performance improved over the first half of the year, showing a loss reduction of 78.6%. The company faced challenges due to rising gas prices and market volatility, and redirected 67% of its international sales to support operations. Additionally, the excess of current liabilities over current assets led to a capital reduction to 150 million riyals, with the use of reserves to cover part of the losses.
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