Financial Results : BCI net profit falls 30% to SAR 21.4 mln in 9M 2021

BCI net profit falls 30% to SAR 21.4 mln in 9M 2021

07/11/2021 Argaam Exclusive

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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.



Financials (M)

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 -
Earnings Per Share before unusual items (Riyals) 1.11 0.75 (32.6 %)
EPS (Riyal) 1.11 0.75 (32.6 %)

The company attributed the profit decline to higher general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
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 -
Earnings Per Share before unusual items (Riyal) 0.34 0.18 (47.0 %)
EPS (Riyal) 0.34 0.18 (47.0 %)

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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