Basic Chemical Industries Co. (BCI) reported a net loss of SAR 6.9 million for H1 2023, against a profit (after minority interest) of SAR 30.4 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 327.30 | 364.90 | 11.5 % |
| Gross Income | 80.88 | 80.18 | (0.9 %) |
| Operating Income | 43.78 | 29.55 | (32.5 %) |
| Net Income | 30.43 | (6.92) | (122.7 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 1.11 | (0.25) | (122.7 %) |
The losses were attributed to an increase in transportation and fuel prices, higher administrative and financing expenses, a decrease in profit from fair value of derivative financial instruments, and lower chlor-alkali sales prices.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 160.62 | 187.11 | 16.5 % |
| Gross Income | 37.03 | 43.48 | 17.4 % |
| Operating Income | 19.92 | 18.33 | (8.0 %) |
| Net Income | 12.99 | (2.88) | (122.2 %) |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | 0.47 | (0.10) | (122.2 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 177.78 | 187.11 | 5.2 % |
| Gross Income | 36.70 | 43.48 | 18.5 % |
| Operating Income | 11.22 | 18.33 | 63.4 % |
| Net Income | (4.04) | (2.88) | 28.6 % |
| Average Shares | 27.50 | 27.50 | - |
| EPS (Riyals) | (0.15) | (0.10) | 28.6 % |
The company logged losses of SAR 2.82 million in Q2 2023 against a profit of SAR 13 million in the same period a year earlier, on higher distribution, administrative, and financing expenses, and lower profit from fair value of derivative financial instruments.
On a sequential basis, BCI narrowed its losses from SAR 4.04 million in Q1 2023, driven by higher sales and a slight increase in selling prices.
Total shareholders’ equity, excluding minority interest, fell to SAR 579.11 million as of June 30, 2023, from SAR 600.58 million a year earlier.
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