RIYADH: Methanol Chemicals Co., or Chemanol, has reversed its losses in 2021, recording a profit of SR244 million ($65 million), the Saudi company said in a stock exchange filing. A rise in average selling prices and the company’s continued efforts to explore new markets with higher profit margins contributed to the increase in net profit. The methanol manufacturer firm also had fewer unplanned plant shutdowns last year, the filing showed, as well as reduced costs per ton. Established in 1989, Chemanol claims to be one of the world"s largest producers of methanol. It is also a big name in the production of formaldehyde, especially across the Gulf. Its products are used in a wide array of industries, including agriculture, automobiles, pharmaceuticals, and construction.