2 Days
Source:
الاقتصادية
Acquisitions worsen Keminaol’s losses by over 72%
Methanol Chemicals "Kimanol" has reduced its annual losses by more than 72%, with net losses amounting to 480 million SAR last year, compared to losses of 280 million SAR in the previous year. The company attributed this to a significant increase in operational losses and a 12% decline in revenues due to lower selling prices and decreased sales volumes, in addition to rising production costs driven by higher natural gas prices. Moreover, the acquisition of two chemical companies had a negative impact on the financial performance, with the company accumulating losses totaling 551.3 million SAR, representing 82% of its capital, as a result of these acquisitions. The approval was given to reduce the capital to address these losses.
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