Chemanol shares hit highest close in 7 years

Logo of Methanol Chemicals Co.

Shares of Methanol Chemicals Co. (Chemanol) hit their highest level in seven years, since 2014, at SAR 32.65, today, Sept. 14.

The stock closed today's session 2% higher at SAR 32.05, the highest close in seven years, with a traded volume of 6.5 million shares.

Accordingly, the stock soared more than 40% since the beginning of the current year.

Established in 1989, Saudi Formaldehyde Chemical Co. was the first private sector petrochemicals company in the GCC.

The company’s name was changed to Methanol Chemicals Co. following its listing on the Saudi Stock Exchange (Tadawul) in 2008.

Chemanol manufactures high-quality methanol derivatives, such as formaldehydes, hydrated urea, formaldehyde derivatives and premium plastics, in addition to various amino resins, which serve many diverse industries such as agriculture, automobiles, pharmaceuticals, and construction.

The company adjusted its capital once, reducing it from SAR 1.2 billion to SAR 674.5 million in June to offset accumulated losses.