BCI posts 35% profit rise to SAR 21.2 mln in H1 2020

23/08/2020 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net profit after Zakat and tax of SAR 21.2 million for the first half of 2020, an increase of 35% year-on-year (YoY), on higher sales along with a decline in general and administrative expenses, and Zakat charges.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	261.10	272.10	4.2 %
Gross Income	63.48	70.76	11.5 %
Operating Income	27.62	34.40	24.6 %
Net Income	15.80	21.09	33.4 %
Average Shares	27.50	27.50	-
EPS (Riyals)	0.57	0.77	33.4 %

The second-quarter net profit grew by 13% YoY to SAR 10.8 million, driven by higher sales along with a decline in selling and marketing expenses, as well as Zakat charges.

When compared to the previous quarter, net profit rose marginally by 1.7% on a decrease in selling and marketing expenses, as well as Zakat charges.

Shareholders’ equity, excluding minority interest, stood at SAR 543.78 million by the end of June 2020, compared to SAR 523 million a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	130.12	131.14	0.8 %
Gross Income	34.12	34.78	1.9 %
Operating Income	16.16	17.17	6.2 %
Net Income	9.69	10.66	10.1 %
Average Shares	27.50	27.50	-
EPS (Riyals)	0.35	0.39	10.1 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	140.96	131.14	(7.0 %)
Gross Income	35.98	34.78	(3.3 %)
Operating Income	17.23	17.17	(0.4 %)
Net Income	10.42	10.66	2.3 %
Average Shares	27.50	27.50	-
EPS (Riyals)	0.38	0.39	2.3 %

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