BCI net profit surges to SAR 48.1 mln in 9M 2022, Q3 at SAR 17.7 mln

08/11/2022 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net profit after Zakat and tax of SAR 48.1 million in the first nine months of 2022, a sharp rise compared to SAR 20.6 million in the year-ago period.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 367.00 500.04 36.2 %
Gross Income 104.67 132.39 26.5 %
Operating Income 45.81 72.62 58.5 %
Net Income 20.52 48.23 135.0 %
Average Shares 27.50 27.50 -
EPS (Riyals) 0.75 1.75 135.0 %

The profit increase was driven by higher sales and an increase in profit from fair value of financial derivative instruments.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 122.31 172.74 41.2 %
Gross Income 30.59 51.51 68.4 %
Operating Income 11.81 28.84 144.1 %
Net Income 4.96 17.79 258.7 %
Average Shares 27.50 27.50 -
EPS (Riyals) 0.18 0.65 258.7 %

In Q3 2022, the net profit after Zakat and tax more than tripled to SAR 17.7 million, from SAR 5.1 million in the year before.

 

Sequentially the company’s net profit rose 36% from SAR 13 million in Q2 2022.

 

Shareholders’ equity, excluding minority interest, grew to SAR 618.38 million as of Sept. 30, 2022, from SAR 570.15 million in the year-earlier period.

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