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مباشر
Keymounal's Q2 losses drop 89.5%
Chemicals Methanol Company ("KEMENOL") announced a significant improvement in its financial results for the second quarter of 2026, as it reduced its net losses by 89.5% to 35.25 million riyals, compared to a loss of 337.03 million riyals in the same period of the previous year. Despite a slight decrease in revenues by 1.6% to 147.6 million riyals, the company was able to reduce its losses thanks to a 42% increase in selling prices and the implementation of cost optimization measures. Consequently, it succeeded in lowering its accumulated losses to 632.9 million riyals (about 94% of its capital), which led auditors to raise doubts about the company's continuing viability. For the first half of 2026, the company recorded losses of 81.6 million riyals, a decrease of 78.6% compared to the same period last year, after excluding the effects of previous asset impairment charges. KEMENOL faces operational and financial challenges, notably rising gas prices, shipping and insurance costs, and the fact that its current liabilities exceed its assets by 370.1 million riyals. Additionally, its legal situation raises questions about its ability to continue operating. In July 2026, the general assembly approved reducing the capital to 150 million riyals and reallocating part of the reserves to cover losses. The company is currently implementing measures to restore its financial stability.
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