Basic Chemical Industries Co. (BCI) reported a net loss of SAR 8 million in the first nine months of 2023, against a profit of SAR 48.1 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 500.04 | 555.90 | 11.2 % |
| Gross Income | 132.39 | 123.71 | (6.6 %) |
| Operating Income | 72.62 | 49.66 | (31.6 %) |
| Net Income | 48.23 | (8.00) | (116.6 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 1.75 | (0.29) | (116.6 %) |
The losses were attributed to higher transportation costs due to higher fuel prices, as well as administrative and financing expenses, in addition to lower profit from the fair value of derivative financial instruments.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 172.74 | 191.00 | 10.6 % |
| Gross Income | 51.51 | 43.54 | (15.5 %) |
| Operating Income | 28.84 | 20.11 | (30.3 %) |
| Net Income | 17.79 | (1.14) | (106.4 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 0.65 | (0.04) | (106.4 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 187.11 | 191.00 | 2.1 % |
| Gross Income | 43.48 | 43.54 | 0.1 % |
| Operating Income | 18.33 | 20.11 | 9.7 % |
| Net Income | (2.88) | (1.14) | 60.4 % |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | (0.10) | (0.04) | 60.4 % |
In Q3 2023, the company incurred a loss of SAR 1.12 million against a profit of SAR 17.69 million in Q3 2022.
On a sequential basis, BCI cut its losses from SAR 2.82 million in Q2 2023.
Shareholders’ equity, before excluding minority interest, reached SAR 577.97 million as of Sept. 30, 2023, down from SAR 618.38 million a year earlier.
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