RIYADH: Methanol Chemicals Co. has reported a net profit of SR244 million ($65 million) in 2021, the highest ever since the incorporation of the company. The Saudi firm attributed the rise in profits in 2021 to an increase in the average selling prices, and higher profit margins, following a loss of SR276 million in 2020, according to a bourse statement. Methanol Chemicals now has 1,018.54 total shareholders equity, compared to 778.53 the previous year. The company also noted that the record profits came at a time when the cost of certain raw materials and supply chains was high. On Jan. 24, Methanol Chemicals had announced the signing of an agreement to expand the production plant to increase its annual output by 100,000 metric tons.