Financial Results : BCI turns to SAR 2.5M profit in H1 2024; Q2 at SAR 2.3M

BCI turns to SAR 2.5M profit in H1 2024; Q2 at SAR 2.3M

01/08/2024 Argaam Exclusive

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Basic Chemical Industries (BCI) reported a net profit of SAR 2.5 million in H1 2024, against a loss of SAR 6.9 million (after minority interest) a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 364.90 367.30 0.7 %
Gross Income 80.18 89.70 11.9 %
Operating Income 29.55 36.55 23.7 %
Net Income (6.85) 2.42 135.3 %
Average Shares 27.50 27.50 -
EPS (Riyals) (0.25) 0.09 135.3 %

The positive performance was attributed to an increase in sales of basic chemicals by SAR 3.1 million year-on-year (YoY), due to a 6% decrease YoY in tonnage sold, which caused revenues to fall by SAR 3.8 million. Selling prices also grew by 11% YoY, which led revenues to increase by SAR 6.9 million.

 

Sales of industrial chemicals also increased by SAR 1.6 million, and sales of toll manufacturing and water treatment chemicals grew by SAR 1.8 million compared with a year earlier.

 

Meanwhile, sales of polymers dropped by SAR 7.7 million due to lower selling prices Sales of adhesives also fell by SAR 3.6 million on an increase in sold tonnage

 

The company logged earnings of SAR 2.3 million in Q2 2024, against losses of SAR 2.88 million in the year-ago period, driven mainly by higher sales of basic and industrial chemicals.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 187.11 187.62 0.3 %
Gross Income 44.62 46.49 4.2 %
Operating Income 18.35 18.19 (0.9 %)
Net Income (2.82) 2.26 180.1 %
Average Shares 27.50 27.50 -
EPS (Riyals) (0.10) 0.08 180.1 %

On a sequential basis, BCI's Q2 2024 net earnings soared from SAR 0.16 million in Q1 2024.

 

Total shareholders’ equity, excluding minority interest, rose to SAR 594.77 million as of June 30, 2024, from SAR 579.11 million a year earlier.

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