Basic Chemical Industries Co. — Earnings Release 2011

Apr 19, 2011

BASIC CHEMICAL INDUSTRIES COMPANY (BCI) ANNOUNCES PRELIMINARY FINANCIAL RESULTS AS ON 31/03/2011 (THREE MONTHS)

1210 · 19/04/2011 16:41:39 · Announcement #21395 · View on Saudi Exchange

BASIC CHEMICAL INDUSTRIES COMPANY (BCI) ANNOUNCES PRELIMINARY FINANCIAL RESULTS AS ON 31/03/2011 (THREE MONTHS)

1) Net Profit for the First quarter amounted to SAR 13,733,677 compared to SAR 15,911,434 for the corresponding quarter of the previous year with decrease of (13.7%). and SAR 14,357,425 for the previous quarter with decrease (4.3%).

2) Gross Profit for the First quarter reached SAR 39,847,744 compared to the gross profit of SAR 40,326,775 for the corresponding quarter of the previous year, decrease of (1%).

3) Operating Profit for the First quarter reached SAR 21,233,294 compared to SAR 22,801,427 for the corresponding quarter of the previous year, a decrease of (6.9%).

4) Earnings per share during the 3 months is SAR (0.50), compared to SAR (0.58) for the same period of the previous year.

5) The reasons for decrease in net profit and gross profit:

a) Reduction on sales of two of the companies because of reduction in demand.

b) Increase in raw material prices in other two companies within the group.

c) The gross profit did not increase with same percentage of increase in sales due to increase in raw material prices.

d) Operating profit reduced due to the same reasons which are increase of raw material cost and lower sales and demand in two companies.

e) The overall results affected the share prices negatively.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.