Saudi: BCI’s net profit nosedives 70% in 9M-23

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Riyadh – Basic Chemical Industries Company (BCI) recorded a net profit after Zakat and tax of SAR 21.30 million in the first nine months (9M) of 2023, a drop of 70.14% from SAR 71.34 million in the same period of 2022.

The company’s earnings per share (EPS) decreased to SAR 0.29 in 9M-23, compared to SAR 1.75 in 9M-22, as per the preliminary financial statements.

BCI, meanwhile, saw an 11.17% rise in revenue to SAR 555.90 million during January-September 2023 from SAR 500.04 million in the same period of 2022.

Financial Results for Q3

In the third quarter (Q3) of 2023, the listed firm reported a net profit after Zakat and tax of SAR 9.08 million, a decline of 64.50% from SAR 25.58 million in Q3-22.

The company’s revenues grew by 10.57% to SAR 191 million in July-September 2023 when compared to SAR 172.74 million in the same quarter of the previous year.

On a quarterly basis, the net profit in Q3-23 increased by 33.92% from SAR 6.78 million in Q2-23, while the revenues rose by 2.08% from SAR 187.11 million.