Methanol Chemicals Company dips on plant shutdown
The Saudi Arabian Tadawul All Share Index closed flat at 9,575.54 points on Monday, April 28 due to a lack of catalysts.
SABIC fell by 0.35 per cent at SAR114.50.
Methanol Chemicals Company lost 0.76 per cent to SAR17. In a filing to the market, the firm said in relation to the successful resumption of the commercial operation of the Methanol plant after inspection of the Valve Trays of Distillation Column, the cost of the non-scheduled shutdown of Methanol plant is SAR2 million ($540 million). The impact on company sales due to the shutdown of Methanol and Dimethylformamide plants is SAR20 million ($5.4 million). “Consequently, the total financial impact on the current financial year resulting from the non-scheduled shutdown of the two plants is SAR22 million ($5.94 million) which will be reflected in the financial results of the second quarter of the current year.”