BCI net profit inches up marginally to SAR 45.1 mln in 9M 2020

08/11/2020 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net profit after Zakat and tax of SAR 45.1 million for the first nine months of 2020, up 1.4%, compared to a profit of SAR 44.5 million in the same period a year earlier.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	402.49	387.26	(3.8 %)
Gross Income	102.35	102.95	0.6 %
Operating Income	48.48	50.76	4.7 %
Net Income	31.09	30.44	(2.1 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	1.13	1.11	(2.1 %)

The company attributed the increase in net profit to lower cost of sales, driven by lower general and administrative expenses and, selling and marketing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	141.39	115.16	(18.6 %)
Gross Income	38.86	32.19	(17.2 %)
Operating Income	20.86	16.36	(21.6 %)
Net Income	15.29	9.36	(38.8 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	0.56	0.34	(38.8 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	131.14	115.16	(12.2 %)
Gross Income	34.78	32.19	(7.4 %)
Operating Income	17.17	16.36	(4.7 %)
Net Income	10.66	9.36	(12.3 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	0.39	0.34	(12.3 %)

The company reported a net profit of SAR 14.8 million for the third quarter of 2020, a 26% year-on-year (YoY) decline, on lower sales and other revenue and higher income tax.

When compared to previous quarter, net profit fell 3.7% in Q3 2020 on lower sales.

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