BCI H1 2022 profit jumps 98% to SAR 30.5 mln; Q2 up to SAR 13.1 mln

15/08/2022 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net profit after Zakat and tax of SAR 30.5 million for the first half of 2022, an increase of 98% from SAR 15.4 million in the same period a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	244.69	327.30	33.8 %
Gross Income	74.08	80.88	9.2 %
Operating Income	33.99	43.78	28.8 %
Net Income	15.56	30.43	95.5 %
Average Shares	27.50	27.50	-
EPS (Riyals)	0.57	1.11	95.5 %

The profit jump followed a significant increase in sales and a decrease in administrative expenses, along with profit from fair value of derivative financial instruments.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	118.60	160.62	35.4 %
Gross Income	36.77	37.03	0.7 %
Operating Income	16.33	19.92	22.0 %
Net Income	8.13	12.99	59.8 %
Average Shares	27.50	27.50	-
EPS (Riyals)	0.30	0.47	59.8 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	166.68	160.62	(3.6 %)
Gross Income	43.85	37.03	(15.6 %)
Operating Income	23.86	19.92	(16.5 %)
Net Income	17.44	12.99	(25.5 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	0.63	0.47	(25.5 %)

The net profit after Zakat and tax soared 64% year-on-year to SAR 13.1 million in Q2 2022.

When compared to the previous quarter, Q2 net profit fell 25% from SAR 17.4 million.

Shareholders’ equity, after minority interest, stood at SAR 600.58 million as of June 30, 2022 compared to SAR 570.15 million a year earlier.

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