‎“Basic Chemical” profits increased to SR70.4 mln during 2022, ‎by 22%‎

The net profit after zakat and tax for the Basic Chemical Industries Company “BCI” grew to 70.4 million riyals during the year 2022 AD, compared to 58 million riyals in the year 2021 AD, at a rate of 22%. This came after the announcement today of the annual financial results ending in 2022- 12-31.

The operating profit amounted to 81 million riyals during the year ending in 2022, compared to 74 million riyals in the previous year, with a growth of 9%.

As for gross profit, it amounted to 176 million riyals in the current year, compared to 144 million riyals in the previous year, an increase of 23%.

The reason for the increase in net profit during this year compared to the previous year is due to a significant increase in sales, and the realization of profits from the recalculation of the fair value of derivative financial instruments.

It was stated in the external auditor’s report on December 31, 2022, that the group owns non-current assets worth 771.4 million Saudi riyals, after deducting impairment losses amounting to 6.1 million Saudi riyals.

The company said that some comparative figures have been reclassified to conform to the figures for the current year

Total sales for the current year amounted to 675 million, compared to 513 in the previous year, with an increase of 31.42%.

The total comprehensive income during the current year amounted to 73.19 million compared to 54.93 million for the previous year, with an increase of 33.24%.

Shareholders’ equity (after excluding minority interests) at the end of the current year amounted to 613.46 million compared to 570.15 million at the end of the fiscal year of the previous year, with an increase of 7.60%.