BCI swings to SAR 6.9 mln loss in H1 2023; Q2 at SAR 2.8 mln

14/08/2023 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net loss of SAR 6.9 million for H1 2023, against a profit (after minority interest) of SAR 30.4 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	327.30	364.90	11.5 %
Gross Income	80.88	80.18	(0.9 %)
Operating Income	43.78	29.55	(32.5 %)
Net Income	30.43	(6.85)	(122.5 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	1.11	(0.25)	(122.5 %)

The losses were attributed to an increase in transportation and fuel prices, higher administrative and financing expenses, a decrease in profit from fair value of derivative financial instruments, and lower chlor-alkali sales prices.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	160.62	187.11	16.5 %
Gross Income	37.03	44.62	20.5 %
Operating Income	19.92	18.35	(7.9 %)
Net Income	12.99	(2.82)	(121.7 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	0.47	(0.10)	(121.7 %)

Item	Q1 2023	Q2 2023	Change‬
Revenues	177.78	187.11	5.2 %
Gross Income	36.70	44.62	21.6 %
Operating Income	11.22	18.35	63.6 %
Net Income	(4.04)	(2.82)	30.2 %
Average Shares	27.50	27.50	-
EPS (Riyals)	(0.15)	(0.10)	30.2 %

The company logged losses of SAR 2.82 million in Q2 2023 against a profit of SAR 13 million in the same period a year earlier, on higher distribution, administrative, and financing expenses, and lower profit from fair value of derivative financial instruments.

On a sequential basis, BCI narrowed its losses from SAR 4.04 million in Q1 2023, driven by higher sales and a slight increase in selling prices.

Total shareholders’ equity, excluding minority interest, fell to SAR 579.11 million as of June 30, 2023, from SAR 600.58 million a year earlier.

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