Basic Chemical Industries Co. — Earnings Release 2021

Mar 30, 2022

Basic Chemical Industries Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

1210 · 30/03/2022 15:58:40 · Announcement #67428 · View on Saudi Exchange

Basic Chemical Industries Co. announces its Annual Financial Results for the Period Ending on 2021-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	513.38	500.24	2.626
Gross Profit (Loss)	143.76	131.3	9.489
Operational Profit (Loss)	74.39	67.52	10.174
Net Profit (Loss) after Zakat and Tax	57.72	51.19	12.756
Total Comprehensive Income	54.93	45.11	21.769
Total Share Holders Equity (after Deducting Minority Equity)	570.15	538.55	5.867
Profit (Loss) per Share	1.26	1.15
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The reason for the increase in gross, net and operating profit for the current year comparing to restated prior year and also the net profit after Zakat and income tax is due to the increase of sales revenue.
Statement of the type of external auditor's report	Unmodified opinion
Reclassification of Comparison Items	Comparative figures have been reclassified to conform to current year figures
Additional Information	1. Sales for the current year reached 513M comparing to 500M for last year, increase of 2.63%

2. Total comprehensive income (excluding minority interests) for the current year reached 54.9 million compared to 45.1 million for restated prior year , an increase of 21.8%.

3. Shareholders' equity (excluding minority interests) for the current year reached 570.15 million compared to 538.55 million for the restated prior year, an increase of 5.87%.

4. During 2021, management of the Group identified certain errors which have been corrected by restating 2020 comparative financial information.

The matters and the related impact on the comparative financial information are

as follow:

a) During 2018, management of the Company entered into a contract for derivative financial instruments (interest rate swap) for which the fair values at the reporting dates and the resulting gains or losses for the reporting periods were recorded.

b) Management of the Group identified certain errors in the data used to compute the employee benefit obligations as at and for the year ended 31 December 2020 which were corrected in 2021.

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.