Basic Chemical Industries Co. (BCI) reported a net loss of SAR 4 million in Q1 2023, against a profit of SAR 17.4 million a year earlier.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 166.68 | 177.78 | 6.7 % |
| Gross Income | 43.85 | 36.70 | (16.3 %) |
| Operating Income | 23.86 | 11.22 | (53.0 %) |
| Net Income | 17.44 | (4.04) | (123.1 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 0.63 | (0.15) | (123.1 %) |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 174.62 | 177.78 | 1.8 % |
| Gross Income | 40.53 | 36.70 | (9.4 %) |
| Operating Income | 17.00 | 11.22 | (34.0 %) |
| Net Income | (7.80) | (4.04) | 48.2 % |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | (0.28) | (0.15) | 48.2 % |
The loss is mainly attributable to higher cost of sales, along with a rise in distribution, general and administrative expenses. This is in addition to lower profit from fair value of derivative financial instruments, and higher financing cost.
Sequentially, the company narrowed its losses from SAR 7.8 million in Q4 2022.
Total shareholders’ equity, excluding minority interest, stood at SAR 609.43 million as of March 31, 2023, compared to SAR 587.58 million a year earlier.
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