Basic Chemical profits decrease to SAR 5.4 million in Q1 by 78%

Basic Chemical Industries Company’s net profit after zakat and tax decreased to SAR 5.4 million during the first quarter compared to SAR 24.4 million in the same quarter of last year, by 78%. This came after the announcement on Tuesday of the interim financial results for the period ended on 31.03.2023 (three months).

The operating profit amounted to SAR 12 million in the first quarter, compared to SAR 25 million in the same quarter of the previous year, a decline of 51%.

As for the total profit, it amounted to SAR 37 million in the current period, compared to SAR 44 million in the same period last year, a decrease of 16%.

Loss per share in the current period amounted to SAR 0.15, compared to a profit of SAR 0.63 in the same period last year.

The reason for the decrease in net profit for the first quarter this year comparing to the same period of prior year is the increase in Cost of sales, increase in Distribution expenses plus general and administrative expenses, decrease in profit from fair value of derivative financial instruments, and increase in in finance cost.

The reason for the increase in net profit for the first quarter this year comparing to the prior quarter is the losses of disposal of fixed assets during prior quarter.

1- Sales for the first quarter this year reached 178M comparing to 167M for same period of last year, with an increase of 6.6%.

2- Total comprehensive loss (excluding minority interests) for the first quarter of this year reached 4 million compared to income 17.4 million during the same period for last year, with a decrease of 123.1%.

3- Shareholders’ equity (excluding minority interests) for the first quarter this year reached 609.43 million compared to 613.46 million for the prior year end, with a decrease of 0.66%.