Basic Chemical Industries Co. (BCI) reported a net profit, after deducting the minority interest, of SAR 5.5 million for 2023, a decline of 86% compared to SAR 40.4 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 674.67 | 741.11 | 9.8 % |
| Gross Income | 172.91 | 167.96 | (2.9 %) |
| Operating Income | 89.61 | 64.26 | (28.3 %) |
| Net Income | 40.43 | 5.52 | (86.4 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 1.47 | 0.20 | (86.4 %) |
This was driven by lower gross profit margins, along with higher distribution and financing expenses, despite an increase in gains from selling fixed assets.
The company also cited increased sales of polymer as well as adhesives.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 174.62 | 185.21 | 6.1 % |
| Gross Income | 40.53 | 44.24 | 9.2 % |
| Operating Income | 17.00 | 14.59 | (14.1 %) |
| Net Income | (7.80) | 13.51 | 273.3 % |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | (0.28) | 0.49 | 273.3 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 191.00 | 185.21 | (3.0 %) |
| Gross Income | 43.54 | 44.24 | 1.6 % |
| Operating Income | 20.11 | 14.59 | (27.4 %) |
| Net Income | (1.14) | 13.51 | 1284.1 % |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | (0.04) | 0.49 | 1284.1 % |
Q4 2023 net profit stood at SAR 13.5 million, versus a net loss of SAR 7.81 million.
On a quarterly basis, the company swung to profit from SAR 1.14 million loss in Q3 2023.
Total shareholders’ equity, after minority interest, stood at SAR 592.35 million by Dec. 31, 2023, compared to SAR 613.46 million a year earlier.
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