BCI Profit rise to SR21.4 mln in Q2, up 42%

Basic Chemical Industries Company “BCI” revealed that the net profit after zakat and tax in the second quarter increased to SR21.4 million, compared to SR15.04 million in the same quarter of last year, by 42.4%.

This came after to announcement on Monday of the preliminary financial results for the period ending in 30.06.2022 (six months).

The operational profit amounted to SR20.8 million in the second quarter, compared to SR16.5 million in the same quarter of the previous year, an increase of 26%.

The net profit after zakat and tax in the 6-month period amounted to SR45.7 million, compared to SR28.07 million in the same period last year, a growth of 63%.

The gross shareholders’ equity “without minority rights” amounted to SR600.5 million in the current period, compared to SR576.3 million in the same period last year, an increase of 4.2%.

Profits per share in the current period reached SR1.11, compared to SR0.56 in the same period last year.

The reason is due to increase in Sales and in gross margin, plus profit from fair value of derivative financial instruments.

The reason is due to decrease in Sales and less profit from fair value of derivative financial instruments comparing to prior quarter.

The reason is due to significant increase in Sales and decrease in Administrative expenses, plus profit from fair value of derivative financial instruments.

Comparative figures are reclassified to conform to the financial statements presentation.

1. Sales for the second quarter of this year reached 160M comparing to 118M for the same quarter last year, with an increase of 35.44%

2. Sales for six months of current year reached 327M comparing to 245M for the same period of prior year, with an increase of 33.76%

3. Gross comprehensive income (excluding minority interests) for the second quarter of the current year reached SR17.4 million compared to SR7.4 million for the second quarter of prior year, an increase of 134.6%.

4. Gross comprehensive income (excluding minority interests) for six months of current year reached SR30 million compared to SR16 million for prior year, an increase of 95.59%.

5. Shareholders’ equity (excluding minority interests) at the end of second quarter of current year reached SR600.58 million comparing to SR570.15 million at the end of prior year, an increase of 5.34%.