BCI’s 2024 profit jumps 55% to SAR 8.5M; Q4 at SAR 3.8M

Basic Chemical Industries Co.’s (BCI) net profit after minority interest rose 55% to SAR 8.5 million for 2024, from SAR 5.5 million a year earlier.

Before minorities, the annual net profit decreased to SAR 40.39 million, from SAR 43.98 million a year earlier.

The profit rise was spurred by better revenue due to an increase of SAR 16 million in the sales of basic chemical products. Sales volumes grew 5% year-on-year (YoY) leading to a rise of SAR 7 million in total revenue. Selling prices also rose 6% YoY, driving BCI’s topline up by SAR 9 million.

BCI reported a decline in finance costs, despite an increase in general and administrative expenses, as well as Zakat taxes.

The company reported a decline in profit from the sale of fixed assets and other operating income.

The fourth-quarter net earnings tumbled 71.7% to SAR 3.8 million, from SAR 13.5 million in Q4 2023.

Sequentially, net earnings jumped 67.2% from SAR 2.2 million in Q3 2024.

Total shareholders’ equity, after minority interest, stood at SAR 600.98 million as of Dec. 31, 2024, up from SAR 592.35 million a year earlier.

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