Basic Chemical Industries Co. (BCI) reported a net profit after Zakat and tax of SAR 21.4 million for the first nine months of 2021, down 30% from SAR 30.4 million in the same period a year earlier.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 387.26 | 367.00 | (5.2 %) |
| Gross Income | 102.95 | 104.67 | 1.7 % |
| Operating Income | 50.76 | 45.81 | (9.8 %) |
| Net Income | 30.44 | 20.52 | (32.6 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 1.11 | 0.75 | (32.6 %) |
The company attributed the profit decline to higher general and administrative expenses.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 115.16 | 122.31 | 6.2 % |
| Gross Income | 32.19 | 30.59 | (5.0 %) |
| Operating Income | 16.36 | 11.81 | (27.8 %) |
| Net Income | 9.36 | 4.96 | (47.0 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 0.34 | 0.18 | (47.0 %) |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 118.60 | 122.31 | 3.1 % |
| Gross Income | 36.77 | 30.59 | (16.8 %) |
| Operating Income | 16.33 | 11.81 | (27.7 %) |
| Net Income | 8.13 | 4.96 | (39.0 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 0.30 | 0.18 | (39.0 %) |
BCI reported 49% year-on-year (YoY) decline in Q3 2021 net profit after Zakat and tax to SAR 4.8 million, driven by higher cost of sales, along with a rise in general and administrative expenses, and selling and marketing expenses.
On a sequential basis, Q3 net profit slumped 37.9% from SAR 7.74 million.
Shareholders’ equity, after minority interest, increased to SAR 581.11 million as of Sept. 30, 2021 from SAR 553.13 million a year earlier.
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