Basic Chemical Industries Co. — Earnings Release 2011

Oct 18, 2011

BASIC CHEMICAL INDUSTRIES COMPANY (BCI) ANNOUNCES CONSOLIDATED FINANCIAL RESULTS FOR PERIOD ENDING 30/09/2011 (NINE MONTHS)

1210 · 18/10/2011 16:47:58 · Announcement #23022 · View on Saudi Exchange

BASIC CHEMICAL INDUSTRIES COMPANY (BCI) ANNOUNCES CONSOLIDATED FINANCIAL RESULTS FOR PERIOD ENDING 30/09/2011 (NINE MONTHS)

Basic Chemical Industries Company ( BCI ) has announced its consolidated interim financial results for the period ending 30 September 2011 :

(1) Net Profits for the third quarter of 2011 were SAR 13,833,409 compared to SAR 15,289,902 during the same period in 2010, representing a drop of 9.5 percent, and compared to SAR 19,915,509 posted in the previous quarter (Q2) a drop of 30.5 percent.

(2) Gross Profit for the third quarter of 2011 was SAR 42,356,069 compared to Gross Profit of SAR 38,826,215 for the same period in 2010, an increase of 9.1 percent.

(3) Operating Profits during the third quarter posted an increase of 7.2 percent up to SAR 23,704,415 from SAR 22,106,507 in the same period in 2010.

(4) During the nine months ending 30 September 2011, Net Profits were SAR 47,482,595 compared to SAR 50,701,780 representing a decline of 6.3 percent over the same period in 2010.

(5) Earnings per share for the 9 months period of 2011 dropped to SAR 1.72 from SAR 1.84 in the same period in 2010.

(6) Gross Profit for the first nine months was SAR 134,208,049 compared to SAR 123,943,646 for the same period in 2010, an increase of 8.2 percent.

(7) Operating Profits for the first nine months were SAR 78,020,865 compared with SAR 71,538,103 for the same period in 2010, an increase of 9.1 percent.

(8) The reason behind the growth in Gross Profits and Operating Profits in the third quarter results and that of the nine months of 2011 was on the increase in profit of two subsidiaries was mainly due to increase in sales by 24.5 percent in those two subsidiaries. On the other hand, the decline in Net Profits in the third quarter results and that of the nine months of 2011 was due to the decline in the BCI company profit, in addition to the increase in Minority interest share on Net Profits due to increased sales and net profit in BCI Group companies.

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