BCI’s net profit falls to SAR 5.5M in 2023; Q4 at SAR 13.5M

25/03/2024 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net profit, after deducting the minority interest, of SAR 5.5 million for 2023, a decline of 86% compared to SAR 40.4 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	674.67	741.11	9.8 %
Gross Income	172.91	167.96	(2.9 %)
Operating Income	89.61	64.26	(28.3 %)
Net Income	40.43	5.52	(86.4 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	1.47	0.20	(86.4 %)

This was driven by lower gross profit margins, along with higher distribution and financing expenses, despite an increase in gains from selling fixed assets.

The company also cited increased sales of polymer as well as adhesives.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	174.62	185.21	6.1 %
Gross Income	40.53	44.24	9.2 %
Operating Income	17.00	14.59	(14.1 %)
Net Income	(7.80)	13.51	273.3 %
Average Shares	27.50	27.50	-
EPS (Riyals)	(0.28)	0.49	273.3 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	191.00	185.21	(3.0 %)
Gross Income	43.54	44.24	1.6 %
Operating Income	20.11	14.59	(27.4 %)
Net Income	(1.14)	13.51	1284.1 %
Average Shares	27.50	27.50	-
EPS (Riyals)	(0.04)	0.49	1284.1 %

Q4 2023 net profit stood at SAR 13.5 million, versus a net loss of SAR 7.81 million.

On a quarterly basis, the company swung to profit from SAR 1.14 million loss in Q3 2023.

Total shareholders’ equity, after minority interest, stood at SAR 592.35 million by Dec. 31, 2023, compared to SAR 613.46 million a year earlier.

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