(Adds analyst comment and updates shares.)

Methanex (MX.TO, MEOH) late on Wednesday said its fourth-quarter adjusted profit, excluding most one-time items, more than doubled to US$84 million, or US$1.24 per share, from US$35 million, or US$0.52 per share.

Revenue in the three months ended Dec. 31 rose to US$949 million from US$922 million in the year-prior quarter. Adjusted EBITDA came in at US$224 million, rising from US$148 million.

The company produced 1.87-million tonnes of methanol during the quarter, up from 1.78-million tonnes. Total sales volume also rose to 2.56-million tonnes from 2.86-million tonnes.

"2024 was a significant year for Methanex. Thanks to the dedication of our global team, we achieved the best safety performance in the company's history, successfully achieved commercial production at G3, and announced the acquisition of OCI Global's methanol business," Methanex chief executive Rich Sumner said.

RBC Capital Markets maintained its sector-perform rating and US$55.00 price target on the company's shares following the results.

RBC said Methanex's results were in line with estimates will have a neutral impact on the company's shares.

Methanex shares were last seen up $3.76 to $75.65 on the Toronto Stock Exchange.