Chemanol shares hit highest price since debut

Logo of Methanol Chemicals Co.

Shares of Methanol Chemicals Co. (Chemanol) hit their highest level since listing, at SAR 46.90, today, March 23.

The stock is trading up 1% in today’s session, with 210,000 shares traded so far.

Chemanol was established in 1989 as Saudi Formaldehyde Chemical Co. to become the first private sector petrochemicals company in the GCC.

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

Chemanol manufactures high-quality methanol derivatives, such as formaldehyde, 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 reduced its capital from SAR 1.2 billion to SAR 674.5 million in June 2021 to offset accumulated losses.