Basic Chemical Industries Co. — Earnings Release 2012

Jan 18, 2012

BASIC CHEMICAL INDUSTRIES COMPANY ( BCI ) ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING 31/12/2011 (TWELVE MONTHS)

1210 · 18/01/2012 18:48:15 · Announcement #23772 · View on Saudi Exchange

BASIC CHEMICAL INDUSTRIES COMPANY ( BCI ) ANNOUNCES THE INTERIM FINANCIAL RESULTS FOR THE PERIOD ENDING 31/12/2011 (TWELVE MONTHS)

Basic Chemical Industries Company ( BCI ) announces the interim financial results for the period ending 31/12/2011

1.Net profit for the fourth quarter is SAR 11.1 million, compared to SAR 14.4 million for the corresponding quarter of the previous year, a decrease of 22.9 % and compared to SAR 13.8 million for the previous quarter, a decrease of 19.6 %.

2.Gross profit for the fourth quarter is SAR 39.5 million, compared to SAR 39.2 million for the corresponding quarter of the previous year, an increase of 0.76 %.

3.Operating profit for the fourth quarter is SAR 18.9 million, compared to SAR 20.5 million for the corresponding quarter of the previous year, a decrease of 7.8 %.

4.Net profit for the twelve months is SAR 58.6 million, compared to SAR 66.2 million for the same period of the previous year, a decrease of 11.5 %.

5.Earnings per share during the twelve months is SAR 2.13 compared to SAR 2.41 for the same period of the previous year.

6.Gross profit for the twelve months is SAR 173.7 million, compared to SAR 161.2 million for the same period of the previous year, an increase of 7.8 %.

7.Operating profit during the twelve months is SAR 97 million, compared to SAR 92.4 million in the same period of the previous year, an increase of 5 %.

8.The reason for decline in the profit of the fourth-quarter is due to increase in cost of sales and operating expenses is a percentage greater than the increase in sales. The share of foreign companies profits for the quarter and for the year as a whole is higher (Minority interest share of profit) than last year by 50% as a result of increased sales and profits of these companies compared with overall performance of the other companies within the group. The reason for the overall profits in the present twelve months compare to the previous twelve months is the same reason as mentioned above.

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