BCI profit up 18% to SAR 40.4 mln in 2022; Q4 loss at SAR 7.8 mln

22/03/2023 Argaam Exclusive

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Basic Chemical Industries Co.
32.10
(0.10) (0.31 %)

Basic Chemical Industries Co. (BCI)

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Basic Chemical Industries Co. (BCI) posted a net profit of SAR 40.4 million in 2022, an 18% increase from SAR 34.4 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 513.38 674.67 31.4 %
Gross Income 143.76 172.91 20.3 %
Operating Income 74.33 89.61 20.6 %
Net Income 34.37 40.43 17.6 %
Average Shares 27.50 27.50 -
EPS (Riyals) 1.25 1.47 17.6 %

The positive performance was driven by higher sales and profit realized from fair value of derivative financial instruments.

 

The company turned to a loss of SAR 7.8 million in the fourth-quarter 2022, against a profit of SAR 13.85 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 146.38 174.62 19.3 %
Gross Income 39.10 40.53 3.7 %
Operating Income 28.53 17.00 (40.4 %)
Net Income 13.85 (7.80) (156.3 %)
Average Shares 27.50 27.50 -
EPS (Riyals) 0.50 (0.28) (156.3 %)

Sequentially, BCI turned to losses compared to a profit of SAR 17.79 million in Q3 2022.

 

Shareholders’ equity, excluding minority interest, increased to SAR 613.46 million as of Dec. 31, 2022, compared to SAR 570.15 million a year earlier.

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