BCI turns to net profit of SAR 4.7M in 9M 2024, SAR 2.3M in Q3

Basic Chemical Industries Co. (BCI) turned to a net profit of SAR 4.7 million for the first nine months of 2024, against SAR 8 million in losses (after minority interest) in the year-earlier period.

This came as sales soared year-on-year (YoY) to SAR 1.4 million in 9M 2024 amid a lower cost of sales ratio. This was paired with a SAR 7.4 million gain from fixed asset sales and a SAR 10.7 million YoY slip in financing costs, despite the SAR 5.9 million YoY increase in Zakat and tax expenses.

Basic chemicals sales also expanded by SAR 7.4 million YoY during the nine-month period. This was due to a 1% YoY rise in sales volumes and a 6% YoY hike in selling prices.

Industrial chemicals sales, however, fell by SAR 10.5 million, as a 20% YoY price rise was offset by a 30% YoY drop in sales volumes.

Elsewhere, the water treatment and industrial mixing sales advanced by SAR 9.7 million YoY in 9M 2024, with selling prices also up 15% but sales volumes remained unchanged.

Adhesive sales grew by SAR 8.5 million YoY in 9M 2024, driven by increased sales volumes.

This was offset by a SAR 5.5 million YoY drop in polymer sales due to lower selling prices.

The Q3 2024 net profit swung to earnings of SAR 2.25 million, compared to SAR 1.14 million losses in the third quarter last year.

This came as basic chemicals sales jumped by SAR 4.3 million YoY in Q3 2024, despite a 4% YoY drop in sales volumes amid a 16% YoY hike in selling prices.

On a sequential basis, net earnings declined slightly by 0.1% from SAR 2.26 million in Q2 2024.

Total shareholders’ equity (after minority interest) advanced to SAR 597.05 million by Sept. 30, 2024, compared to SAR 577.96 million a year earlier.

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