BCI’s net profit falls 19% in 9M 2019

04/11/2019 Argaam Exclusive

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Share Price

Basic Chemical Industries Co. (BCI)

Basic Chemical Industries Co. (BCI) posted a net profit after zakat and tax of SAR 31 million for the first nine months of 2019, a drop of 18.8 percent year-on-year (YoY) due to lower sales, revenue and other operating income.

Financials (M)

Item	9m 2018	9m 2019	Change‬
Revenues	448.41	402.49	(10.2 %)
Gross Income	120.28	102.35	(14.9 %)
Operating Income	62.76	48.48	(22.8 %)
Net Income	38.30	31.09	(18.8 %)
Average Shares	27.50	27.50	-
EPS (Riyals)	1.39	1.13	(18.8 %)

The company’s Q3 2019 net profit after zakat and tax soared 64.6 percent YoY to SAR 15.3 million driven by a decline in general and administrative expenses.

On a quarterly basis, the third quarter net profit jumped 58 percent driven by lower general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2018	Q3 2019	Change‬
Revenues	143.26	141.39	(1.3 %)
Gross Income	37.53	38.86	3.5 %
Operating Income	15.57	20.86	34.0 %
Net Income	9.29	15.29	64.6 %
Average Shares	27.50	27.50	-
EPS (Riyals)	0.34	0.56	64.6 %

Item	Q2 2019	Q3 2019	Change‬
Revenues	130.12	141.39	8.7 %
Gross Income	34.12	38.86	13.9 %
Operating Income	16.16	20.86	29.1 %
Net Income	9.69	15.29	57.9 %
Average Shares	27.50	27.50	-
EPS (Riyals)	0.35	0.56	57.9 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	135.39	3.6 %	40.33	17.6 %	15.92	23.0 %	0.58
Q2 2010	142.88	5.4 %	44.79	7.2 %	19.49	21.2 %	0.71
Q3 2010	129.63	8.3 %	38.82	(2.7 %)	15.29	2.9 %	0.56
Q4 2010	135.99	10.7 %	37.23	(3.1 %)	15.52	(17.4 %)	0.56
2010	543.89	6.9 %	161.17	4.4 %	66.22	5.7 %	2.41
Q1 2011	150.66	11.3 %	39.85	(1.2 %)	13.73	(13.7 %)	0.50
Q2 2011	176.40	23.5 %	52.00	16.1 %	19.92	2.2 %	0.72
Q3 2011	161.43	24.5 %	42.36	9.1 %	13.83	(9.5 %)	0.50
Q4 2011	154.24	13.4 %	40.09	7.7 %	11.83	(23.8 %)	0.43
2011	642.73	18.2 %	174.30	8.1 %	59.31	(10.4 %)	2.16
Q1 2012	179.36	19.0 %	46.75	17.3 %	17.58	28.0 %	0.64
Q2 2012	186.81	5.9 %	51.25	(1.5 %)	17.29	(13.2 %)	0.63
Q3 2012	160.72	(0.4 %)	43.18	1.9 %	14.69	6.2 %	0.53
Q4 2012	175.80	14.0 %	48.77	21.6 %	14.90	26.0 %	0.54
2012	702.69	9.3 %	189.95	9.0 %	64.45	8.7 %	2.34
Q1 2013	176.25	(1.7 %)	46.01	(1.6 %)	16.24	(7.6 %)	0.59
Q2 2013	194.65	4.2 %	49.73	(3.0 %)	18.16	5.0 %	0.66
Q3 2013	147.48	(8.2 %)	33.63	(22.1 %)	6.27	(57.3 %)	0.23
Q4 2013	140.56	(20.0 %)	31.71	(35.0 %)	3.67	(75.4 %)	0.13
2013	658.95	(6.2 %)	161.08	(15.2 %)	44.33	(31.2 %)	1.61
Q1 2014	162.90	(7.6 %)	39.23	(14.7 %)	8.76	(46.1 %)	0.32
Q2 2014	167.06	(14.2 %)	37.48	(24.6 %)	7.21	(60.3 %)	0.26
Q3 2014	151.12	2.5 %	28.61	(14.9 %)	1.21	(80.7 %)	0.04
Q4 2014	152.38	8.4 %	29.27	(7.7 %)	6.50	77.3 %	0.24
2014	633.46	(3.9 %)	134.98	(16.2 %)	23.91	(46.1 %)	0.87
Q1 2015	156.13	(4.2 %)	31.26	(20.3 %)	2.76	(68.5 %)	0.10
Q2 2015	161.48	(3.3 %)	36.77	(1.9 %)	7.30	1.2 %	0.27
Q3 2015	141.75	(6.2 %)	27.81	(2.8 %)	2.31	90.7 %	0.08
Q4 2015	170.26	11.7 %	45.73	56.3 %	20.20	210.7 %	0.73
2015	625.13	(1.3 %)	142.49	5.6 %	34.54	44.4 %	1.26
Q1 2016	147.94	(5.2 %)	34.53	10.5 %	10.75	289.5 %	0.39
Q2 2016	148.34	(8.1 %)	41.64	13.2 %	13.23	81.2 %	0.48
Q3 2016	123.86	(12.6 %)	29.51	6.1 %	7.29	215.8 %	0.27
Q4 2016	137.69	(19.1 %)	42.14	(7.9 %)	14.91	(26.2 %)	0.54
2016	557.83	(10.8 %)	147.81	3.7 %	46.19	33.7 %	1.68
Q1 2017	128.39	(13.2 %)	32.13	(6.9 %)	5.92	(44.9 %)	0.22
Q2 2017	149.51	0.8 %	40.49	(2.8 %)	12.52	(5.4 %)	0.46
Q3 2017	144.18	16.4 %	36.09	22.3 %	8.26	13.3 %	0.30
Q4 2017	173.47	26.0 %	42.08	(0.1 %)	17.06	14.4 %	0.62
2017	595.54	6.8 %	150.79	2.0 %	43.77	(5.2 %)	1.59
Q1 2018	153.76	19.8 %	42.83	33.3 %	16.01	170.4 %	0.58
Q2 2018	151.39	1.3 %	39.92	(1.4 %)	13.00	3.8 %	0.47
Q3 2018	143.26	(0.6 %)	37.53	4.0 %	9.29	12.5 %	0.34
Q4 2018	156.78	(9.6 %)	34.50	(18.0 %)	11.37	(33.4 %)	0.41
2018	605.19	1.6 %	154.79	2.6 %	49.67	13.5 %	1.81
Q1 2019	130.98	(14.8 %)	29.36	(31.4 %)	6.12	(61.8 %)	0.22
Q2 2019	130.12	(14.1 %)	34.12	(14.5 %)	9.69	(25.5 %)	0.35
Q3 2019	141.39	(1.3 %)	38.86	3.5 %	15.29	64.6 %	0.56

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	508.74	2.9 %	154.39	14.6 %	62.65	58.1 %	2.28
2010	543.89	6.9 %	161.17	4.4 %	66.22	5.7 %	2.41
2011	642.73	18.2 %	174.30	8.1 %	59.31	(10.4 %)	2.16
2012	702.69	9.3 %	189.95	9.0 %	64.45	8.7 %	2.34
2013	658.95	(6.2 %)	161.08	(15.2 %)	44.33	(31.2 %)	1.61
2014	633.46	(3.9 %)	134.98	(16.2 %)	23.91	(46.1 %)	0.87
2015	625.13	(1.3 %)	142.49	5.6 %	34.54	44.4 %	1.26
2016	557.83	(10.8 %)	147.81	3.7 %	46.19	33.7 %	1.68
2017	595.54	6.8 %	150.79	2.0 %	43.77	(5.2 %)	1.59
2018	605.19	1.6 %	154.79	2.6 %	49.67	13.5 %	1.81

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	31.25 %	22.05 %	12.78 %
Q2 2010	31.39 %	22.17 %	13.26 %
Q3 2010	30.59 %	21.46 %	13.09 %
Q4 2010	29.63 %	20.93 %	12.18 %
2010	29.63 %	20.93 %	12.18 %
Q1 2011	28.74 %	20.09 %	11.45 %
Q2 2011	28.33 %	20.04 %	10.88 %
Q3 2011	27.45 %	19.27 %	10.09 %
Q4 2011	27.12 %	18.56 %	9.23 %
2011	27.12 %	18.56 %	9.23 %
Q1 2012	26.99 %	18.81 %	9.41 %
Q2 2012	26.46 %	18.07 %	8.88 %
Q3 2012	26.61 %	18.18 %	9.01 %
Q4 2012	27.03 %	18.42 %	9.17 %
2012	27.03 %	18.42 %	9.17 %
Q1 2013	27.05 %	18.53 %	9.02 %
Q2 2013	26.53 %	17.99 %	9.04 %
Q3 2013	25.66 %	16.71 %	8.00 %
Q4 2013	24.45 %	15.66 %	6.73 %
2013	24.45 %	15.66 %	6.73 %
Q1 2014	23.90 %	14.46 %	5.71 %
Q2 2014	22.99 %	13.30 %	4.19 %
Q3 2014	22.04 %	12.49 %	3.35 %
Q4 2014	21.25 %	12.44 %	3.74 %
2014	21.31 %	12.24 %	3.78 %
Q1 2015	20.20 %	11.62 %	2.82 %
Q2 2015	20.27 %	11.80 %	2.86 %
Q3 2015	20.45 %	12.79 %	3.08 %
Q4 2015	22.49 %	15.44 %	5.17 %
2015	22.79 %	15.55 %	5.52 %
Q1 2016	23.31 %	16.99 %	6.53 %
Q2 2016	24.61 %	18.20 %	7.64 %
Q3 2016	25.64 %	18.63 %	8.72 %
Q4 2016	26.50 %	18.32 %	8.28 %
2016	26.50 %	18.32 %	8.28 %
Q1 2017	27.01 %	17.91 %	7.68 %
Q2 2017	26.74 %	18.01 %	7.53 %
Q3 2017	26.95 %	18.59 %	7.43 %
Q4 2017	25.32 %	17.67 %	7.35 %
2017	25.32 %	17.67 %	7.35 %
Q1 2018	26.01 %	18.83 %	8.67 %
Q2 2018	25.84 %	18.82 %	8.72 %
Q3 2018	26.11 %	18.46 %	8.90 %
Q4 2018	25.58 %	17.07 %	8.21 %
2018	25.58 %	17.07 %	8.21 %
Q1 2019	24.26 %	15.39 %	6.83 %
Q2 2019	24.15 %	15.06 %	6.50 %
Q3 2019	24.47 %	16.07 %	7.59 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	30.35 %	21.49 %	12.31 %
2010	29.63 %	20.93 %	12.18 %
2011	27.12 %	18.56 %	9.23 %
2012	27.03 %	18.42 %	9.17 %
2013	24.45 %	15.66 %	6.73 %
2014	21.31 %	12.24 %	3.78 %
2015	22.79 %	15.55 %	5.52 %
2016	26.50 %	18.32 %	8.28 %
2017	25.32 %	17.67 %	7.35 %
2018	25.58 %	17.07 %	8.21 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	29.79 %	20.80 %	11.76 %
Q2 2010	31.35 %	22.40 %	13.64 %
Q3 2010	29.95 %	21.19 %	11.80 %
Q4 2010	27.38 %	19.28 %	11.41 %
Q1 2011	26.45 %	17.66 %	9.12 %
Q2 2011	29.48 %	21.80 %	11.29 %
Q3 2011	26.24 %	18.01 %	8.57 %
Q4 2011	25.99 %	16.31 %	7.67 %
Q1 2012	26.07 %	18.73 %	9.80 %
Q2 2012	27.43 %	18.95 %	9.25 %
Q3 2012	26.87 %	18.46 %	9.14 %
Q4 2012	27.74 %	17.51 %	8.48 %
Q1 2013	26.10 %	19.17 %	9.21 %
Q2 2013	25.55 %	16.97 %	9.33 %
Q3 2013	22.80 %	12.49 %	4.25 %
Q4 2013	22.56 %	12.78 %	2.61 %
Q1 2014	24.08 %	14.70 %	5.38 %
Q2 2014	22.44 %	13.09 %	4.32 %
Q3 2014	18.93 %	9.16 %	0.80 %
Q4 2014	19.21 %	12.54 %	4.26 %
Q1 2015	20.02 %	11.53 %	1.77 %
Q2 2015	22.77 %	13.84 %	4.52 %
Q3 2015	19.62 %	13.26 %	1.63 %
Q4 2015	26.86 %	22.36 %	11.86 %
Q1 2016	23.34 %	17.83 %	7.27 %
Q2 2016	28.07 %	18.49 %	8.92 %
Q3 2016	23.82 %	14.60 %	5.89 %
Q4 2016	30.60 %	22.00 %	10.83 %
Q1 2017	25.03 %	16.02 %	4.61 %
Q2 2017	27.08 %	18.87 %	8.37 %
Q3 2017	25.03 %	17.35 %	5.73 %
Q4 2017	24.26 %	18.14 %	9.84 %
Q1 2018	27.85 %	20.98 %	10.41 %
Q2 2018	26.37 %	18.81 %	8.58 %
Q3 2018	26.20 %	15.78 %	6.49 %
Q4 2018	22.01 %	12.74 %	7.25 %
Q1 2019	22.42 %	14.20 %	4.67 %
Q2 2019	26.22 %	17.92 %	7.44 %
Q3 2019	27.49 %	19.79 %	10.82 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	27.50	2.39	2.39	13.46
Q2 2010	27.50	2.51	2.51	13.17
Q3 2010	27.50	2.53	2.53	13.73
Q4 2010	27.50	2.41	2.41	14.29
Q1 2011	27.50	2.33	2.33	14.79
Q2 2011	27.50	2.34	2.34	14.51
Q3 2011	27.50	2.29	2.29	15.02
Q4 2011	27.50	2.16	2.16	15.45
Q1 2012	27.50	2.30	2.30	16.09
Q2 2012	27.50	2.20	2.20	15.72
Q3 2012	27.50	2.23	2.23	16.25
Q4 2012	27.50	2.34	2.34	16.79
Q1 2013	27.50	2.30	2.30	17.38
Q2 2013	27.50	2.33	2.33	16.54
Q3 2013	27.50	2.02	2.02	16.77
Q4 2013	27.50	1.61	1.61	16.90
Q1 2014	27.50	1.34	1.34	17.22
Q2 2014	27.50	0.94	0.94	16.48
Q3 2014	27.50	0.76	0.76	16.53
Q4 2014	27.50	0.86	0.86	16.77
Q1 2015	27.50	0.64	0.64	16.87
Q2 2015	27.50	0.65	0.65	16.14
Q3 2015	27.50	0.69	0.69	16.22
Q4 2015	27.50	1.18	1.18	17.03
Q1 2016	27.50	1.47	1.47	16.96
Q2 2016	27.50	1.69	1.69	16.44
Q3 2016	27.50	1.87	1.87	16.71
Q4 2016	27.50	1.68	1.68	17.25
Q1 2017	27.50	1.50	1.50	17.47
Q2 2017	27.50	1.48	1.48	16.92
Q3 2017	27.50	1.51	1.51	17.22
Q4 2017	27.50	1.59	1.59	17.77
Q1 2018	27.50	1.96	1.96	18.35
Q2 2018	27.50	1.98	1.98	17.83
Q3 2018	27.50	2.01	2.01	18.16
Q4 2018	27.50	1.81	1.81	18.45
Q1 2019	27.50	1.45	1.45	18.67
Q2 2019	27.50	1.33	1.33	19.02
Q3 2019	27.50	1.54	1.54	19.58

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	27.50	2.28	2.28	12.88
2010	27.50	2.41	2.41	14.29
2011	27.50	2.16	2.16	15.45
2012	27.50	2.34	2.34	16.79
2013	27.50	1.61	1.61	16.90
2014	27.50	0.87	0.87	16.77
2015	27.50	1.26	1.26	17.03
2016	27.50	1.68	1.68	17.25
2017	27.50	1.59	1.59	17.77
2018	27.50	1.81	1.81	18.45

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	13.45	13.45	2.38
Q2 2010	11.31	11.31	2.16
Q3 2010	12.07	12.07	2.22
Q4 2010	11.63	11.63	1.96
Q1 2011	11.85	11.85	1.87
Q2 2011	11.52	11.52	1.86
Q3 2011	10.67	10.67	1.63
Q4 2011	12.84	12.84	1.79
Q1 2012	17.11	17.11	2.44
Q2 2012	12.50	12.50	1.75
Q3 2012	12.59	12.59	1.73
Q4 2012	11.44	11.44	1.60
Q1 2013	14.68	14.68	1.94
Q2 2013	13.62	13.62	1.92
Q3 2013	16.23	16.23	1.96
Q4 2013	20.53	20.53	1.96
Q1 2014	24.93	24.93	1.94
Q2 2014	43.62	43.62	2.49
Q3 2014	More than 50	More than 50	2.57
Q4 2014	34.49	34.50	1.77
Q1 2015	More than 50	More than 50	2.21
Q2 2015	More than 50	More than 50	2.12
Q3 2015	36.26	36.26	1.53
Q4 2015	17.20	17.20	1.20
Q1 2016	13.53	13.53	1.18
Q2 2016	18.98	18.98	1.95
Q3 2016	16.57	16.57	1.86
Q4 2016	15.45	15.45	1.50
Q1 2017	16.15	16.15	1.39
Q2 2017	14.34	14.34	1.25
Q3 2017	13.98	13.98	1.23
Q4 2017	13.31	13.31	1.19
Q1 2018	11.42	11.42	1.22
Q2 2018	12.15	12.15	1.35
Q3 2018	11.07	11.07	1.23
Q4 2018	12.24	12.24	1.20
Q1 2019	15.96	15.96	1.24
Q2 2019	16.59	16.59	1.16
Q3 2019	13.70	13.70	1.08

Period	P/E	Adjusted P/E	Price/book
2009	13.26	13.26	2.34
2010	11.63	11.63	1.96
2011	12.84	12.84	1.79
2012	11.44	11.44	1.60
2013	20.53	20.53	1.96
2014	34.15	34.15	1.77
2015	16.22	16.22	1.20
2016	15.45	15.45	1.50
2017	13.31	13.31	1.19
2018	12.24	12.24	1.20

Business Segments (Million)

Compared With The

Period	chemicals materials	Adhesive materials and others	Maintenance Chemicals and laundries	Polyurethane Chemicals	Hydrochloric acid and caustic soda and chlorine gas	Others..
Q1 2010	-	-	25.79	19.75	23.16	11.98
Q2 2010	-	-	30.65	21.85	26.26	10.76
Q3 2010	-	-	22.05	22.34	26.49	9.93
Q4 2010	-	-	26.37	23.72	24.63	10.84
Q1 2011	-	-	29.67	29.91	21.25	7.58
Q2 2011	-	-	32.41	34.24	24.37	7.90
Q3 2011	-	-	27.30	28.42	21.33	8.67
Q4 2011	-	-	22.79	29.54	21.91	9.01
Q1 2012	-	-	32.07	34.99	25.32	9.97
Q3 2012	63.75	92.24	-	-	-	-
Q4 2012	88.34	87.46	-	-	-	-
Q1 2013	99.78	76.48	-	-	-	-
Q2 2013	105.08	89.57	-	-	-	-
Q3 2013	81.66	65.82	-	-	-	-
Q4 2013	79.74	60.82	-	-	-	-
Q1 2014	90.16	72.74	-	-	-	-
Q2 2014	100.23	66.83	-	-	-	-
Q3 2014	86.42	64.71	-	-	-	-
Q4 2014	85.63	66.75	-	-	-	-
Q1 2015	89.62	66.51	-	-	-	-
Q2 2015	96.48	64.99	-	-	-	-
Q3 2015	84.79	56.96	-	-	-	-
Q4 2015	99.91	65.87	-	-	-	-
Q1 2016	92.38	55.56	-	-	-	-
Q2 2016	86.07	62.27	-	-	-	-
Q3 2016	72.07	51.79	-	-	-	-
Q4 2016	72.37	65.32	-	-	-	-
Q1 2017	69.74	58.64	-	-	-	-
Q2 2017	88.07	61.43	-	-	-	-
Q3 2017	83.27	60.91	-	-	-	-
Q4 2017	109.09	64.38	-	-	-	-
Q1 2018	95.68	58.08	-	-	-	-
Q2 2018	94.26	57.13	-	-	-	-
Q3 2018	80.41	62.85	-	-	-	-
Q4 2018	94.03	62.75	-	-	-	-
Q1 2019	68.68	62.30	-	-	-	-
Q2 2019	66.78	63.34	-	-	-	-
Q3 2019	79.16	62.23	-	-	-	-

Period	chemicals materials	Adhesive materials and others	Maintenance Chemicals and laundries	Polyurethane Chemicals	Hydrochloric acid and caustic soda and chlorine gas	Others..
2009	-	-	90.30	86.12	102.23	36.71
2010	-	-	104.85	87.65	100.55	43.51
2011	-	-	112.17	122.12	88.86	33.16
2012	356.95	345.75	-	-	-	-
2013	366.26	292.69	-	-	-	-
2014	362.44	271.02	-	-	-	-
2015	370.80	254.33	-	-	-	-
2016	322.89	234.94	-	-	-	-
2017	350.17	245.37	-	-	-	-
2018	364.38	240.81	-	-	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	895.13
Enterprise Value (EV) (M)	1,188.92
Shares Outstanding ((M))	27.50
EPS ( Riyal) (TTM)	0.36
Book Value (BV) ( Riyal)	21.55
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	More than 50
Price/book	1.51
Return on Average Assets (%) (TTM)	0.8
Return on Average Equity (%) (TTM)	1.6

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BCI’s net profit falls 19% in 9M 2019

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Share Price

Basic Chemical Industries Co. (BCI)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q3

Financial Ratios

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BCI’s net profit falls 19% in 9M 2019

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Share Price

Basic Chemical Industries Co. (BCI)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2019

Revenue by Business Segment (Latest) 2019 Q3

Financial Ratios

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Business Segments (Million)