Basic Chemical Industries Co. — Interim / Quarterly Report 2017

Aug 6, 2017

Basic Chemical Industries Co. (BCI) announces the interim financial results for the period ending on 30-06-2017 (Six Months)

1210 · 06/08/2017 08:26:47 · Announcement #47777 · View on Saudi Exchange

Basic Chemical Industries Co. (BCI) announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	12.5	13.2	-	5.9	111.86
Gross profit (loss)	40.5	41.6	-	32.13	26.05
Operational profit (loss)	23.6	22	7.27	13.06	80.7
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	18.4	24	-
Gross profit (loss)	72.6	76.2	-
Operational profit (loss)	36.7	41	-
Earning or loss per share, Riyals	0.67	0.87	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	The reason for the decrease in gross profit and net profit is the increase in the cost of sales. The increase in operating profit is due to decrease administrative and general expenses, selling and marketing expenses and other income.
Reasons of increase (decrease) for period compared with same period last year	The decrease in net profit, gross profit and operating profit for the current period is due to decrease sales, increase in cost of sales and increased general and administrative expenses.
Reasons of increase (decrease) for quarter compared with previous quarter	The increase in net profit, gross profit and operating profit for the current quarter is attributable to increase in sales and other revenues.
Reclassifications in quarterly financial results	Comparative figures have been restated as a result of the transition to IFRS. Note 6 (Effect of the transition to IFRS) can be found in the accompanying notes to the condensed consolidated interim financial information for the period ended 30 June 2017.
Other notes	1- Sales for the current quarter reached 149.5 million compared to 148.3 million for the same quarter last year, an increase of 0.81%. 2 - Sales for the current period for six months amounted to 277.9 million compared to 296.2 million for the corresponding period of the previous year, a decrease of 6.18%. 3. Total comprehensive income during the current quarter reached 12.5 million compared to 13.2 million for the same quarter of the previous year, a decrease of 5.31% (excluding non-controlling interests), compared to 5.9 million for the previous quarter and a rise of 111.87%. The current period is 18.4 million compared to 23.9 million for the corresponding period of the previous year and a decrease of 23.02% (excluding non-controlling interests). 4. Shareholders' equity (excluding minority interests) for the current period reached 465.4 million compared to 474.4 million at the end of the previous year, a decrease of 1.89%.

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