BCI profit up 18% to SAR 40.4 mln in 2022; Q4 loss at SAR 7.8 mln

22/03/2023 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) posted a net profit of SAR 40.4 million in 2022, an 18% increase from SAR 34.4 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	513.38	674.67	31.4 %
Gross Income	143.76	172.91	20.3 %
Operating Income	74.33	89.61	20.6 %
Net Income	34.37	40.43	17.6 %
Average Shares	27.50	27.50	-
EPS (Riyals)	1.25	1.47	17.6 %

The positive performance was driven by higher sales and profit realized from fair value of derivative financial instruments.

The company turned to a loss of SAR 7.8 million in the fourth-quarter 2022, against a profit of SAR 13.85 million in the year-earlier period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	146.38	174.62	19.3 %
Gross Income	39.10	40.53	3.7 %
Operating Income	28.53	17.00	(40.4 %)
Net Income	13.85	(7.80)	(156.3 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	0.50	(0.28)	(156.3 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	172.74	174.62	1.1 %
Gross Income	51.51	40.53	(21.3 %)
Operating Income	28.84	17.00	(41.1 %)
Net Income	17.79	(7.80)	(143.8 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	0.65	(0.28)	(143.8 %)

Sequentially, BCI turned to losses compared to a profit of SAR 17.79 million in Q3 2022.

Shareholders’ equity, excluding minority interest, increased to SAR 613.46 million as of Dec. 31, 2022, compared to SAR 570.15 million a year earlier.

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