Basic Chemical Industries Co. (BCI) reported a net profit after Zakat and tax of SAR 8.8 million for the first quarter of 2021, a fall of 16% from SAR 10.5 million in the year-earlier period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 140.96 | 126.10 | (10.5 %) |
| Gross Income | 35.98 | 37.31 | 3.7 % |
| Operating Income | 17.23 | 17.66 | 2.5 % |
| Net Income | 10.42 | 7.43 | (28.7 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 0.38 | 0.27 | (28.7 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 112.99 | 126.10 | 11.6 % |
| Gross Income | 28.35 | 37.31 | 31.6 % |
| Operating Income | 6.61 | 17.66 | 167.3 % |
| Net Income | 1.08 | 7.43 | 585.5 % |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 0.04 | 0.27 | 585.5 % |
The profit decline was attributed to a 10.5% drop year-on-year (YoY) in revenue, despite lower cost of sales as well as selling and distribution expenses.
When compared to the previous quarter, net profit after Zakat and tax grew by 9.6% from SAR 13 million, thanks to a decrease in selling and distribution expenses as well as general and administrative expenses.
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