BCI 2024 Profits Decline 8% to SAR 40 Million

Basic Chemical Industries Co. (BCI) announced on Thursday that its net profit decreased by 8% to SAR 40 million by the end of the year 2024, compared to SAR 44 million in 2023. This came after today’s announcement of the preliminary financial results for the duration ending on Dec. 31, 2024.

The operational profit increased by 0.01% SAR 64.3 million at the end of 2024, compared to SAR 64.25 million in 2023.

The equity (after excluding non-controlling interests) in the current year increased by 1.4% to SAR 601 million, compared to SAR 592 million in 2023.

The profits per share for the current year amounted to SAR 0.31, compared to SAR 0.2 in 2023.

The Company stated in a statement that the reason for the increase in revenues during the current year, compared to the previous year is due to:

1. An increase in sales of Basic Chemicals by SAR 16 million. This increase resulted from a 5% increase in tonnage sold which caused revenues to increase by SAR 7 million, plus an increase in selling prices by 6% which caused revenues to increase by SAR 9 million;

2. A decrease in industrial chemicals sales by SAR 5.6 million despite a 26% increase in selling prices. This decrease is due to a 38% decrease in quantities sold compared to the prior year;

3. An increase in Toll Manufacturing sales of SAR 6 million resulting from a 13% increase in selling prices compared to the prior year;

4. A decrease in sales of polymer by SAR 10.6 million; and

5. An increase in sales of adhesives by SAR 9 million.