BCI profits grow 87% to SR24 mln in 1Q

Basic Chemical Industries Co. announced that its profits after zakat and tax rose 87% to SR 84 million in the first quarter of 2022 compared to 13 million during the same period of 2021.

This came after BCI announcement on Thursday of the preliminary financial results for the period ending on 31.03.2022 (three months).

The company’s operational profit jumped 42% to SR 25 million in the 1^st quarter of the current year from SR 18 million in the same period of the previous year.

Gross profit of BCI grew 18% to SR 44 million in the first quarter of this year from SR 37 million a year ago, while the profit per share climbed to SR 0.63 from SR 0.27.

The reason for the increase in net profit is due to increase in Sales and decrease in general and administrative expenses and profit from fair value of derivative financial instruments.

Additional Information:

1. Sales for the current quarter reached 166M comparing to 126M for last year, increase of 32.18%
2. Total comprehensive income (excluding minority interests) for Q1 of the current year reached 17.4 million compared to 7.4 million for Q1 of prior year, an increase of 134.6%.
3. Shareholders’ equity (excluding minority interests) for the current year reached 587.58 million compared to 570.15 million for the prior year, an increase of 3.06%.