BCI’s net profit falls to SAR 5.5M in 2023; Q4 at SAR 13.5M

25/03/2024 Argaam Exclusive

Basic Chemical Industries Co. (BCI) reported a net profit, after deducting the minority interest, of SAR 5.5 million for 2023, a decline of 86% compared to SAR 40.4 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 674.67 741.11 9.8 %
Gross Income 172.91 167.96 (2.9 %)
Operating Income 89.61 64.26 (28.3 %)
Net Income 40.43 5.52 (86.4 %)
Average Shares 27.50 27.50 -
EPS (Riyals) 1.47 0.20 (86.4 %)

This was driven by lower gross profit margins, along with higher distribution and financing expenses, despite an increase in gains from selling fixed assets.

 

The company also cited increased sales of polymer as well as adhesives.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 174.62 185.21 6.1 %
Gross Income 40.53 44.24 9.2 %
Operating Income 17.00 14.59 (14.1 %)
Net Income (7.80) 13.51 273.3 %
Average Shares 27.50 27.50 -
EPS (Riyals) (0.28) 0.49 273.3 %

Q4 2023 net profit stood at SAR 13.5 million, versus a net loss of SAR 7.81 million.

 

On a quarterly basis, the company swung to profit from SAR 1.14 million loss in Q3 2023.

 

Total shareholders’ equity, after minority interest, stood at SAR 592.35 million by Dec. 31, 2023, compared to SAR 613.46 million a year earlier.

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Share Price

Basic Chemical Industries Co.
30.15
(0.05) (0.17 %)

Basic Chemical Industries Co. (BCI)

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Financial Ratios
Current
Market Cap (M Riyal) 829.13
Enterprise Value (EV) (M) 1,265.36
Shares Outstanding ((M)) 27.50
EPS ( Riyal) (TTM) 0.66
Book Value (BV) ( Riyal) 21.71
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 45.59
Price/book 1.39
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 3.1
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