Financial Results : BCI earns SAR 164,000 in Q1 2024

BCI earns SAR 164,000 in Q1 2024

14/05/2024 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net profit of SAR 164,000 after minority interest in Q1 2024, against a loss of SAR 4 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 177.78 179.68 1.1 %
Gross Income 36.70 43.21 17.7 %
Operating Income 11.22 18.36 63.6 %
Net Income (4.04) 0.16 104.1 %
Average Shares 27.50 27.50 -
EPS (Riyals) (0.15) 0.01 104.1 %

The improved results were attributed to an increase year-on-year (YoY) in sales of basic chemicals to SAR 4.1 million, due to a 17% rise YoY in tonnage sold on higher revenues by SAR 11.7 million. In addition, selling prices dropped by 16% YoY, leading to a revenue fall by SAR 7.6 million.

 

The company also cited an increase in sales of toll manufacturing and water treatment chemicals to SAR 1.4 million.

 

Sequentially, the company's Q1 2024 net earnings dropped 98.8% from SAR 13.51 million, mainly due to a decline in sales of basic chemicals by SAR 6.1 million.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 592.51 million as of March 31, 2024, compared to SAR 609.43 million a year earlier.

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