BCI turns to net profit of SAR 4.7M in 9M 2024, SAR 2.3M in Q3

05/11/2024 Argaam Exclusive
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Basic Chemical Industries Co. (BCI) turned to a net profit of SAR 4.7 million for the first nine months of 2024, against SAR 8 million in losses (after minority interest) in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 555.90 565.37 1.7 %
Gross Income 123.71 134.61 8.8 %
Operating Income 49.66 48.52 (2.3 %)
Net Income (8.00) 4.71 158.9 %
Average Shares 27.50 27.50 -
Earnings Per Share before unusual items (0.29) (0.09) 70.1 %
EPS (Riyals) (0.29) 0.17 158.9 %

This came as sales soared year-on-year (YoY) to SAR 1.4 million in 9M 2024 amid a lower cost of sales ratio. This was paired with a SAR 7.4 million gain from fixed asset sales and a SAR 10.7 million YoY slip in financing costs, despite the SAR 5.9 million YoY increase in Zakat and tax expenses.

 

Basic chemicals sales also expanded by SAR 7.4 million YoY during the nine-month period. This was due to a 1% YoY rise in sales volumes and a 6% YoY hike in selling prices.

 

Industrial chemicals sales, however, fell by SAR 10.5 million, as a 20% YoY price rise was offset by a 30% YoY drop in sales volumes.

 

Elsewhere, the water treatment and industrial mixing sales advanced by SAR 9.7 million YoY in 9M 2024, with selling prices also up 15% but sales volumes remained unchanged.

 

Adhesive sales grew by SAR 8.5 million YoY in 9M 2024, driven by increased sales volumes.

 

This was offset by a SAR 5.5 million YoY drop in polymer sales due to lower selling prices.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 191.00 198.07 3.7 %
Gross Income 43.54 44.91 3.1 %
Operating Income 20.11 11.97 (40.5 %)
Net Income (1.14) 2.28 300.2 %
Average Shares 27.50 27.50 -
Earnings Per Share before unusual items (0.04) (0.17) (321.2 %)
EPS (Riyals) (0.04) 0.08 300.2 %

The Q3 2024 net profit swung to earnings of SAR 2.25 million, compared to SAR 1.14 million losses in the third quarter last year.

 

This came as basic chemicals sales jumped by SAR 4.3 million YoY in Q3 2024, despite a 4% YoY drop in sales volumes amid a 16% YoY hike in selling prices.

 

On a sequential basis, net earnings declined slightly by 0.1% from SAR 2.26 million in Q2 2024.

 

Total shareholders’ equity (after minority interest) advanced to SAR 597.05 million by Sept. 30, 2024, compared to SAR 577.96 million a year earlier.

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Share Price

Basic Chemical Industries Co.
28.75
0.05 0.17 %

Basic Chemical Industries Co. (BCI)

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Financial Ratios
Current
Market Cap (M Riyal) 790.63
Enterprise Value (EV) (M) 1,192.85
Shares Outstanding ((M)) 27.50
EPS ( Riyal) (TTM) 0.64
Book Value (BV) ( Riyal) 21.76
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 44.74
Price/book 1.32
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 1.9
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 156.13 (4.2 %) 31.26 (20.3 %) 10.71 (41.1 %)
Q2 2015 161.48 (3.3 %) 36.77 (1.9 %) 14.56 (9.3 %)
Q3 2015 141.75 (6.2 %) 27.81 (2.8 %) 11.11 37.9 %
Q4 2015 170.26 11.7 % 45.73 56.3 % 31.54 157.4 %
Q1 2016 147.94 (5.2 %) 34.53 10.5 % 19.70 84.0 %
Q2 2016 148.34 (8.1 %) 41.64 13.2 % 20.74 42.5 %
Q3 2016 123.86 (12.6 %) 29.51 6.1 % 11.37 2.4 %
Q4 2016 137.69 (19.1 %) 42.14 (7.9 %) 23.47 (25.6 %)
Q1 2017 128.39 (13.2 %) 32.13 (6.9 %) 13.43 (31.8 %)
Q2 2017 149.51 0.8 % 40.49 (2.8 %) 20.90 0.8 %
Q3 2017 144.18 16.4 % 36.09 22.3 % 18.38 61.7 %
Q4 2017 173.47 26.0 % 42.08 (0.1 %) 24.45 4.2 %
Q1 2018 153.76 19.8 % 42.83 33.3 % 25.45 89.5 %
Q2 2018 151.39 1.3 % 39.92 (1.4 %) 21.74 4.0 %
Q3 2018 143.26 (0.6 %) 37.53 4.0 % 15.57 (15.3 %)
Q4 2018 156.78 (9.6 %) 34.50 (18.0 %) 13.44 (45.0 %)
Q1 2019 130.98 (14.8 %) 29.36 (31.4 %) 11.46 (55.0 %)
Q2 2019 130.12 (14.1 %) 34.12 (14.5 %) 16.16 (25.7 %)
Q3 2019 141.39 (1.3 %) 38.86 3.5 % 20.86 34.0 %
Q4 2019 132.07 (15.8 %) 32.19 (6.7 %) 16.01 19.1 %
Q1 2020 140.96 7.6 % 35.98 22.5 % 17.23 50.4 %
Q2 2020 131.14 0.8 % 34.78 1.9 % 17.17 6.2 %
Q3 2020 115.16 (18.6 %) 32.19 (17.2 %) 16.36 (21.6 %)
Q4 2020 112.99 (14.5 %) 28.35 (11.9 %) 6.61 (58.7 %)
Q1 2021 126.10 (10.5 %) 37.31 3.7 % 17.66 2.5 %
Q2 2021 118.60 (9.6 %) 36.77 5.7 % 16.33 (4.9 %)
Q3 2021 122.31 6.2 % 30.59 (5.0 %) 11.81 (27.8 %)
Q4 2021 146.38 29.6 % 39.10 37.9 % 28.53 331.7 %
Q1 2022 166.68 32.2 % 43.85 17.5 % 23.86 35.1 %
Q2 2022 160.62 35.4 % 37.03 0.7 % 19.92 22.0 %
Q3 2022 172.74 41.2 % 51.51 68.4 % 28.84 144.1 %
Q4 2022 174.62 19.3 % 40.53 3.7 % 17.00 (40.4 %)
Q1 2023 177.78 6.7 % 36.70 (16.3 %) 11.22 (53.0 %)
Q2 2023 187.11 16.5 % 44.62 20.5 % 18.35 (7.9 %)
Q3 2023 191.00 10.6 % 43.54 (15.5 %) 20.11 (30.3 %)
Q4 2023 185.21 6.1 % 44.24 9.2 % 14.59 (14.1 %)
2023 741.11 9.8 % 167.96 (2.9 %) 64.26 (28.3 %)
Q1 2024 179.68 1.1 % 43.21 17.7 % 18.36 63.6 %
Q2 2024 187.62 0.3 % 46.49 4.2 % 18.19 (0.9 %)
Q3 2024 198.07 3.7 % 44.91 3.1 % 11.97 (40.5 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2015 2.76 (68.5 %) 0.10 - 2.76 0.10
Q2 2015 7.30 1.2 % 0.27 - 7.30 0.27
Q3 2015 2.31 90.7 % 0.08 - 2.31 0.08
Q4 2015 20.20 210.7 % 0.73 - 20.20 0.73
Q1 2016 10.75 289.5 % 0.39 - 10.75 0.39
Q2 2016 13.23 81.2 % 0.48 - 13.23 0.48
Q3 2016 7.29 215.8 % 0.27 - 7.29 0.27
Q4 2016 14.91 (26.2 %) 0.54 - 14.91 0.54
Q1 2017 5.92 (44.9 %) 0.22 - 5.92 0.22
Q2 2017 12.52 (5.4 %) 0.46 - 12.52 0.46
Q3 2017 8.26 13.3 % 0.30 - 8.26 0.30
Q4 2017 17.06 14.4 % 0.62 - 17.06 0.62
Q1 2018 16.01 170.4 % 0.58 - 16.01 0.58
Q2 2018 13.00 3.8 % 0.47 - 13.00 0.47
Q3 2018 9.29 12.5 % 0.34 - 9.29 0.34
Q4 2018 11.37 (33.4 %) 0.41 - 11.37 0.41
Q1 2019 6.12 (61.8 %) 0.22 - 6.12 0.22
Q2 2019 9.69 (25.5 %) 0.35 - 9.69 0.35
Q3 2019 15.29 64.6 % 0.56 - 15.29 0.56
Q4 2019 10.13 (10.9 %) 0.37 - 10.13 0.37
Q1 2020 10.42 70.4 % 0.38 - 10.42 0.38
Q2 2020 10.66 10.1 % 0.39 - 10.66 0.39
Q3 2020 9.36 (38.8 %) 0.34 - 9.36 0.34
Q4 2020 1.08 (89.3 %) 0.04 - 1.08 0.04
Q1 2021 7.43 (28.7 %) 0.27 - 7.43 0.27
Q2 2021 8.13 (23.8 %) 0.30 - 8.13 0.30
Q3 2021 4.96 (47.0 %) 0.18 - 4.96 0.18
Q4 2021 13.85 1177.3 % 0.50 - 13.85 0.50
Q1 2022 17.44 134.7 % 0.63 - 17.44 0.63
Q2 2022 12.99 59.8 % 0.47 - 12.99 0.47
Q3 2022 17.79 258.7 % 0.65 - 17.79 0.65
Q4 2022 (7.80) (156.3 %) (0.28) (13.56) 5.76 0.21
Q1 2023 (4.04) (123.1 %) (0.15) - (4.04) (0.15)
Q2 2023 (2.82) (121.7 %) (0.10) - (2.82) (0.10)
Q3 2023 (1.14) (106.4 %) (0.04) - (1.14) (0.04)
Q4 2023 13.51 273.3 % 0.49 13.33 0.19 0.01
2023 5.52 (86.4 %) 0.20 13.33 (7.81) (0.28)
Q1 2024 10.31 355.5 % 0.37 - 10.31 0.37
Q2 2024 2.26 180.1 % 0.08 - 2.26 0.08
Q3 2024 2.28 300.2 % 0.08 7.09 (4.81) (0.17)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2015 20.20 % 11.62 % 2.82 %
Q2 2015 20.27 % 11.80 % 2.86 %
Q3 2015 20.45 % 12.79 % 3.08 %
Q4 2015 22.49 % 15.44 % 5.17 %
Q1 2016 23.31 % 16.99 % 6.53 %
Q2 2016 24.61 % 18.20 % 7.64 %
Q3 2016 25.64 % 18.63 % 8.72 %
Q4 2016 26.50 % 18.32 % 8.28 %
Q1 2017 27.01 % 17.91 % 7.68 %
Q2 2017 26.74 % 18.01 % 7.53 %
Q3 2017 26.95 % 18.59 % 7.43 %
Q4 2017 25.32 % 17.67 % 7.35 %
Q1 2018 26.01 % 18.83 % 8.67 %
Q2 2018 25.84 % 18.82 % 8.72 %
Q3 2018 26.11 % 18.46 % 8.90 %
Q4 2018 25.58 % 17.07 % 8.21 %
Q1 2019 24.26 % 15.39 % 6.83 %
Q2 2019 24.15 % 15.06 % 6.50 %
Q3 2019 24.47 % 16.07 % 7.59 %
Q4 2019 25.17 % 17.37 % 7.71 %
Q1 2020 25.92 % 18.14 % 8.36 %
Q2 2020 25.99 % 18.30 % 8.52 %
Q3 2020 26.02 % 18.44 % 7.81 %
Q4 2020 26.25 % 17.08 % 6.30 %
Q1 2021 27.33 % 17.23 % 5.88 %
Q2 2021 28.47 % 17.00 % 5.50 %
Q3 2021 27.71 % 15.26 % 4.50 %
Q4 2021 28.00 % 18.11 % 6.69 %
Q1 2022 27.13 % 17.64 % 8.01 %
Q2 2022 25.26 % 16.80 % 8.26 %
Q3 2022 26.53 % 18.28 % 9.60 %
Q4 2022 25.63 % 16.76 % 8.00 %
Q1 2023 24.17 % 15.61 % 4.74 %
Q2 2023 24.34 % 15.71 % 2.34 %
Q3 2023 22.64 % 14.65 % (0.31 %)
Q4 2023 22.82 % 14.07 % (1.05 %)
Q1 2024 23.64 % 14.88 % 0.88 %
Q2 2024 23.87 % 14.79 % 1.56 %
Q3 2024 23.83 % 13.86 % 1.06 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2015 27.50 0.64 0.64 16.87
Q2 2015 27.50 0.65 0.65 16.14
Q3 2015 27.50 0.69 0.69 16.22
Q4 2015 27.50 1.18 1.18 17.03
Q1 2016 27.50 1.47 1.47 16.96
Q2 2016 27.50 1.69 1.69 16.44
Q3 2016 27.50 1.87 1.87 16.71
Q4 2016 27.50 1.68 1.68 17.25
Q1 2017 27.50 1.50 1.50 17.47
Q2 2017 27.50 1.48 1.48 16.92
Q3 2017 27.50 1.51 1.51 17.22
Q4 2017 27.50 1.59 1.59 17.77
Q1 2018 27.50 1.96 1.96 18.35
Q2 2018 27.50 1.98 1.98 17.83
Q3 2018 27.50 2.01 2.01 18.16
Q4 2018 27.50 1.81 1.81 18.45
Q1 2019 27.50 1.45 1.45 18.67
Q2 2019 27.50 1.33 1.33 19.02
Q3 2019 27.50 1.54 1.54 19.58
Q4 2019 27.50 1.50 1.50 20.01
Q1 2020 27.50 1.66 1.66 19.39
Q2 2020 27.50 1.69 1.69 19.77
Q3 2020 27.50 1.48 1.48 20.11
Q4 2020 27.50 1.15 1.15 19.58
Q1 2021 27.50 1.04 1.04 20.68
Q2 2021 27.50 0.95 0.95 20.96
Q3 2021 27.50 0.79 0.79 21.13
Q4 2021 27.50 1.25 1.25 20.73
Q1 2022 27.50 1.61 1.61 21.37
Q2 2022 27.50 1.79 1.79 21.84
Q3 2022 27.50 2.26 2.26 22.49
Q4 2022 27.50 1.47 1.96 22.31
Q1 2023 27.50 0.69 1.18 22.16
Q2 2023 27.50 0.11 0.61 21.06
Q3 2023 27.50 (0.57) (0.08) 21.02
Q4 2023 27.50 0.20 (0.28) 21.54
Q1 2024 27.50 0.72 0.24 21.55
Q2 2024 27.50 0.91 0.42 21.63
Q3 2024 27.50 1.03 0.29 21.71

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2015 57.88 57.89 2.21
Q2 2015 52.90 52.91 2.12
Q3 2015 36.26 36.26 1.53
Q4 2015 17.20 17.20 1.20
Q1 2016 13.53 13.53 1.18
Q2 2016 18.98 18.98 1.95
Q3 2016 16.57 16.57 1.86
Q4 2016 15.45 15.45 1.50
Q1 2017 16.15 16.15 1.39
Q2 2017 14.34 14.34 1.25
Q3 2017 13.98 13.98 1.23
Q4 2017 13.31 13.31 1.19
Q1 2018 11.42 11.42 1.22
Q2 2018 12.15 12.15 1.35
Q3 2018 11.07 11.07 1.23
Q4 2018 12.24 12.24 1.20
Q1 2019 15.96 15.96 1.24
Q2 2019 16.59 16.59 1.16
Q3 2019 13.70 13.70 1.08
Q4 2019 16.00 16.00 1.20
Q1 2020 11.62 11.62 0.99
Q2 2020 13.80 13.80 1.18
Q3 2020 20.27 20.27 1.49
Q4 2020 29.09 29.09 1.70
Q1 2021 39.37 39.37 1.98
Q2 2021 44.32 44.32 2.00
Q3 2021 60.78 60.78 2.26
Q4 2021 32.05 32.05 1.93
Q1 2022 25.35 25.35 1.91
Q2 2022 20.61 20.61 1.69
Q3 2022 15.95 15.95 1.60
Q4 2022 22.93 17.17 1.51
Q1 2023 49.27 28.72 1.53
Q2 2023 More than 100 62.66 1.81
Q3 2023 NEG NEG 1.60
Q4 2023 More than 100 NEG 1.54
Q1 2024 47.14 More than 100 1.58
Q2 2024 33.91 72.82 1.42
Q3 2024 32.82 More than 100 1.56

Business Segments (Million)

Compared With The
Period Chemical Products Adhesive materials Polymers Maintenance Chemicals and laundries Polyurethane Chemicals Hydrochloric acid and caustic soda and chlorine gas Others
Q1 2015 89.62 66.51 - - - - -
Q2 2015 96.48 64.99 - - - - -
Q3 2015 84.79 56.96 - - - - -
Q4 2015 99.91 65.87 - - - - -
Q1 2016 92.38 55.56 - - - - -
Q2 2016 86.07 62.27 - - - - -
Q3 2016 72.07 51.79 - - - - -
Q4 2016 72.37 65.32 - - - - -
Q1 2017 69.74 58.64 - - - - -
Q2 2017 88.07 61.43 - - - - -
Q3 2017 83.27 60.91 - - - - -
Q4 2017 109.09 64.38 - - - - -
Q1 2018 95.68 58.08 - - - - -
Q2 2018 94.26 57.13 - - - - -
Q3 2018 80.41 62.85 - - - - -
Q4 2018 94.03 62.75 - - - - -
Q1 2019 68.68 62.30 - - - - -
Q2 2019 66.78 63.34 - - - - -
Q3 2019 79.16 62.23 - - - - -
Q4 2019 69.48 62.59 - - - - -
Q1 2020 82.95 58.01 - - - - -
Q2 2020 71.20 59.94 - - - - -
Q3 2020 57.14 58.02 - - - - -
Q4 2020 63.23 49.76 - - - - -
Q1 2021 67.47 58.63 - - - - -
Q2 2021 60.40 58.19 - - - - -
Q3 2021 61.53 60.79 - - - - -
Q4 2021 6.22 40.66 99.49 - - - -
Q1 2022 55.47 67.45 43.76 - - - -
Q2 2022 54.46 68.19 37.97 - - - -
Q3 2022 71.10 66.79 34.85 - - - -
Q4 2022 73.64 63.51 37.47 - - - -
Q1 2023 68.20 66.85 42.73 - - - -
Q2 2023 75.84 68.37 42.91 - - - -
Q3 2023 79.61 71.17 40.23 - - - -
Q4 2023 68.15 72.78 44.28 - - - -
Q1 2024 70.30 68.29 41.09 - - - -
Q2 2024 80.27 70.51 36.83 - - - -
Q3 2024 79.50 76.15 42.42 - - - -

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