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Kimanin Cuts Losses by 90 Percent
Methanols Chemicals Company "Kimanol" announced a significant reduction in its quarterly losses by 89.5%, with losses amounting to 35.25 million SAR in the first half of 2026 compared to a loss of 337 million SAR in the same period of the previous year. However, the company still faces accumulated losses totaling 632.9 million SAR (94% of its capital), raising questions about its ongoing viability. Revenue declined by 1.6% in the second quarter amid logistical challenges and rising energy costs. Nonetheless, the company managed to sharply reduce its losses through improved pricing strategies and cost-saving measures. The financial performance reflected a notable improvement following the impairment of assets worth 279.3 million SAR. Despite this progress, the company continues to face structural and financial challenges, as current liabilities exceeded current assets by 370 million SAR. It is presently undertaking steps to reduce its share capital to avoid delisting from the market.
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