Chemanol won't pay dividend on 2015 results

Methanol Chemicals Company (Chemanol) said its board of directors recommended withholding cash dividends for fiscal year 2015.

The board’s recommendation “aims at supporting the financial position of the company and enhancing strategic plans,” the chemicals producer said in a statement on Monday.

The recommendation will face approval at the next general assembly meeting. A date for the meeting will be given after approval by official authorities.

Chemanol reported a net loss of SAR 139.4 million for FY15, compared to a net profit of SAR 32.2 million in 2014.