BCI net profit falls 30% to SAR 21.4 mln in 9M 2021

07/11/2021 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net profit after Zakat and tax of SAR 21.4 million for the first nine months of 2021, down 30% from SAR 30.4 million in the same period a year earlier.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	387.26	367.00	(5.2 %)
Gross Income	102.95	104.67	1.7 %
Operating Income	50.76	45.81	(9.8 %)
Net Income	30.44	20.52	(32.6 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	1.11	0.75	(32.6 %)

The company attributed the profit decline to higher general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	115.16	122.31	6.2 %
Gross Income	32.19	30.59	(5.0 %)
Operating Income	16.36	11.81	(27.8 %)
Net Income	9.36	4.96	(47.0 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	0.34	0.18	(47.0 %)

Item	Q2 2021	Q3 2021	Change‬
Revenues	118.60	122.31	3.1 %
Gross Income	36.77	30.59	(16.8 %)
Operating Income	16.33	11.81	(27.7 %)
Net Income	8.13	4.96	(39.0 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	0.30	0.18	(39.0 %)

BCI reported 49% year-on-year (YoY) decline in Q3 2021 net profit after Zakat and tax to SAR 4.8 million, driven by higher cost of sales, along with a rise in general and administrative expenses, and selling and marketing expenses.

On a sequential basis, Q3 net profit slumped 37.9% from SAR 7.74 million.

Shareholders’ equity, after minority interest, increased to SAR 581.11 million as of Sept. 30, 2021 from SAR 553.13 million a year earlier.

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