BCI’s H1 net profit down 37% to SAR 10.1 mln

BCI’s H1 net profit down 37% to SAR 10.1 mln

22/07/2015 Argaam Exclusive

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Basic Chemical Industries Company (BCI), a manufacturer of Chlorine and Hydrochloric acid, reported a net profit of SAR 10.1 million for H1-2015, a 36.9 percent drop compared to the same period last year on lower sales and higher costs of sales.



Financials (M)

Item 6m 2014 6m 2015 Change‬
Revenues 329.96 317.61 (3.7 %)
Gross Income 77.10 68.03 (11.8 %)
Operating Income 34.23 25.26 (26.2 %)
Net Income 15.97 10.06 (37.0 %)
Average Shares 27.50 27.50 -
EPS (Riyals) 0.58 0.37 (37.0 %)

 

The company posted a net profit of SAR 7.3 million in Q2, a 160.7 percent higher compared to the previous quarter due to higher sales.



Current Quarter Comparison (M)

Compared With The
Item Q2 2014 Q2 2015 Change‬
Revenues 167.06 161.48 (3.3 %)
Gross Income 37.48 36.77 (1.9 %)
Operating Income 16.05 14.56 (9.3 %)
Net Income 7.21 7.30 1.2 %
Average Shares 27.50 27.50 -
EPS (Riyals) 0.26 0.27 1.2 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 116.73 - 31.24 - 14.26 -
Q2 2008 133.31 - 39.47 - 21.64 -
Q3 2008 126.40 - 33.73 - 17.54 -
Q4 2008 117.78 - 30.26 - 16.14 -
Q1 2009 130.70 12.0 % 34.28 9.7 % 19.08 33.8 %
Q2 2009 135.57 1.7 % 41.77 5.8 % 24.59 13.6 %
Q3 2009 119.67 (5.3 %) 39.91 18.3 % 23.71 35.2 %
Q4 2009 122.80 4.3 % 38.43 27.0 % 20.99 30.0 %
Q1 2010 135.39 3.6 % 40.33 17.6 % 22.81 19.5 %
Q2 2010 142.88 5.4 % 44.79 7.2 % 26.63 8.3 %
Q3 2010 129.63 8.3 % 38.82 (2.7 %) 22.10 (6.8 %)
Q4 2010 135.99 10.7 % 37.23 (3.1 %) 20.88 (0.5 %)
Q1 2011 150.66 11.3 % 39.85 (1.2 %) 21.23 (6.9 %)
Q2 2011 176.40 23.5 % 52.00 16.1 % 33.08 24.2 %
Q3 2011 161.43 24.5 % 42.36 9.1 % 23.70 7.3 %
Q4 2011 154.24 13.4 % 40.09 7.7 % 19.80 (5.2 %)
Q1 2012 179.36 19.0 % 46.75 17.3 % 28.19 32.8 %
Q2 2012 186.81 5.9 % 51.25 (1.5 %) 29.93 (9.5 %)
Q3 2012 160.72 (0.4 %) 43.18 1.9 % 24.19 2.0 %
Q4 2012 175.80 14.0 % 48.77 21.6 % 25.29 27.7 %
Q1 2013 176.25 (1.7 %) 46.01 (1.6 %) 28.26 0.2 %
Q2 2013 194.65 4.2 % 49.73 (3.0 %) 27.41 (8.4 %)
Q3 2013 147.48 (8.2 %) 33.63 (22.1 %) 12.76 (47.2 %)
Q4 2013 140.56 (20.0 %) 31.71 (35.0 %) 12.30 (51.4 %)
Q1 2014 162.90 (7.6 %) 39.23 (14.7 %) 18.18 (35.7 %)
Q2 2014 167.06 (14.2 %) 37.48 (24.6 %) 16.05 (41.4 %)
Q3 2014 151.12 2.5 % 28.61 (14.9 %) 8.05 (36.9 %)
Q4 2014 152.38 8.4 % 29.27 (7.7 %) 12.25 (0.4 %)
Q1 2015 156.13 (4.2 %) 31.26 (20.3 %) 10.71 (41.1 %)
Q2 2015 161.48 (3.3 %) 36.77 (1.9 %) 14.56 (9.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2006 - - - - - -
Q2 2006 - - - - - -
Q3 2006 - - - - - -
Q4 2006 - - - - - -
Q1 2007 - - - - - -
Q2 2007 - - - - - -
Q3 2007 - - - - - -
Q4 2007 - - - - - -
Q1 2008 6.92 - 0.25 - 6.92 0.25
Q2 2008 11.70 - 0.43 - 11.70 0.43
Q3 2008 10.81 - 0.39 - 10.81 0.39
Q4 2008 10.20 - 0.37 - 10.20 0.37
Q1 2009 12.94 87.0 % 0.47 - 12.94 0.47
Q2 2009 16.08 37.4 % 0.58 - 16.08 0.58
Q3 2009 14.85 37.4 % 0.54 - 14.85 0.54
Q4 2009 18.78 84.1 % 0.68 - 18.78 0.68
Q1 2010 15.92 23.0 % 0.58 - 15.92 0.58
Q2 2010 19.49 21.2 % 0.71 - 19.49 0.71
Q3 2010 15.29 2.9 % 0.56 - 15.29 0.56
Q4 2010 15.52 (17.4 %) 0.56 - 15.52 0.56
Q1 2011 13.73 (13.7 %) 0.50 - 13.73 0.50
Q2 2011 19.92 2.2 % 0.72 - 19.92 0.72
Q3 2011 13.83 (9.5 %) 0.50 - 13.83 0.50
Q4 2011 11.83 (23.8 %) 0.43 - 11.83 0.43
Q1 2012 17.58 28.0 % 0.64 - 17.58 0.64
Q2 2012 17.29 (13.2 %) 0.63 - 17.29 0.63
Q3 2012 14.69 6.2 % 0.53 - 14.69 0.53
Q4 2012 14.90 26.0 % 0.54 - 14.90 0.54
Q1 2013 16.24 (7.6 %) 0.59 - 16.24 0.59
Q2 2013 18.16 5.0 % 0.66 - 18.16 0.66
Q3 2013 6.27 (57.3 %) 0.23 - 6.27 0.23
Q4 2013 3.67 (75.4 %) 0.13 - 3.67 0.13
Q1 2014 8.76 (46.1 %) 0.32 - 8.76 0.32
Q2 2014 7.21 (60.3 %) 0.26 - 7.21 0.26
Q3 2014 1.21 (80.7 %) 0.04 - 1.21 0.04
Q4 2014 6.50 77.3 % 0.24 - 6.50 0.24
Q1 2015 2.76 (68.5 %) 0.10 - 2.76 0.10
Q2 2015 7.30 1.2 % 0.27 - 7.30 0.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - -
Q3 2008 - - -
Q4 2008 27.26 % 16.28 % 8.02 %
Q1 2009 27.10 % 17.80 % 8.98 %
Q2 2009 27.43 % 19.32 % 9.80 %
Q3 2009 29.03 % 20.76 % 10.73 %
Q4 2009 30.35 % 21.49 % 12.31 %
Q1 2010 31.25 % 22.05 % 12.78 %
Q2 2010 31.39 % 22.17 % 13.26 %
Q3 2010 30.59 % 21.46 % 13.09 %
Q4 2010 29.63 % 20.93 % 12.18 %
Q1 2011 28.74 % 20.09 % 11.45 %
Q2 2011 28.33 % 20.04 % 10.88 %
Q3 2011 27.45 % 19.27 % 10.09 %
Q4 2011 27.12 % 18.56 % 9.23 %
Q1 2012 26.99 % 18.81 % 9.41 %
Q2 2012 26.46 % 18.07 % 8.88 %
Q3 2012 26.61 % 18.18 % 9.01 %
Q4 2012 27.03 % 18.42 % 9.17 %
Q1 2013 27.05 % 18.53 % 9.02 %
Q2 2013 26.53 % 17.99 % 9.04 %
Q3 2013 25.66 % 16.71 % 8.00 %
Q4 2013 24.45 % 15.66 % 6.73 %
Q1 2014 23.90 % 14.46 % 5.71 %
Q2 2014 22.99 % 13.30 % 4.19 %
Q3 2014 22.04 % 12.49 % 3.35 %
Q4 2014 21.25 % 12.44 % 3.74 %
Q1 2015 20.20 % 11.62 % 2.82 %
Q2 2015 20.27 % 11.80 % 2.86 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2006 - - - -
Q2 2006 - - - -
Q3 2006 - - - -
Q4 2006 - - - -
Q1 2007 - - - -
Q2 2007 - - - -
Q3 2007 - - - -
Q4 2007 - - - -
Q1 2008 27.50 - - -
Q2 2008 27.50 - - 10.31
Q3 2008 27.50 - - 10.70
Q4 2008 27.50 1.44 1.44 11.08
Q1 2009 27.50 1.66 1.66 11.55
Q2 2009 27.50 1.82 1.82 11.73
Q3 2009 27.50 1.97 1.97 12.27
Q4 2009 27.50 2.28 2.28 12.88
Q1 2010 27.50 2.39 2.39 13.46
Q2 2010 27.50 2.51 2.51 13.17
Q3 2010 27.50 2.53 2.53 13.73
Q4 2010 27.50 2.41 2.41 14.29
Q1 2011 27.50 2.33 2.33 14.79
Q2 2011 27.50 2.34 2.34 14.51
Q3 2011 27.50 2.29 2.29 15.02
Q4 2011 27.50 2.16 2.16 15.45
Q1 2012 27.50 2.30 2.30 16.09
Q2 2012 27.50 2.20 2.20 15.72
Q3 2012 27.50 2.23 2.23 16.25
Q4 2012 27.50 2.34 2.34 16.79
Q1 2013 27.50 2.30 2.30 17.38
Q2 2013 27.50 2.33 2.33 16.54
Q3 2013 27.50 2.02 2.02 16.77
Q4 2013 27.50 1.61 1.61 16.90
Q1 2014 27.50 1.34 1.34 17.22
Q2 2014 27.50 0.94 0.94 16.48
Q3 2014 27.50 0.76 0.76 16.53
Q4 2014 27.50 0.86 0.86 16.77
Q1 2015 27.50 0.64 0.64 16.87
Q2 2015 27.50 0.65 0.65 16.14

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 - - -
Q2 2006 - - -
Q3 2006 - - -
Q4 2006 - - -
Q1 2007 - - -
Q2 2007 - - -
Q3 2007 - - -
Q4 2007 - - -
Q1 2008 - - -
Q2 2008 - - 6.63
Q3 2008 - - 2.77
Q4 2008 13.21 13.21 1.72
Q1 2009 11.59 11.59 1.67
Q2 2009 16.53 16.53 2.56
Q3 2009 14.80 14.80 2.37
Q4 2009 13.26 13.26 2.34
Q1 2010 13.45 13.45 2.38
Q2 2010 11.31 11.31 2.16
Q3 2010 12.07 12.07 2.22
Q4 2010 11.63 11.63 1.96
Q1 2011 11.85 11.85 1.87
Q2 2011 11.52 11.52 1.86
Q3 2011 10.67 10.67 1.63
Q4 2011 12.84 12.84 1.79
Q1 2012 17.11 17.11 2.44
Q2 2012 12.50 12.50 1.75
Q3 2012 12.59 12.59 1.73
Q4 2012 11.44 11.44 1.60
Q1 2013 14.68 14.68 1.94
Q2 2013 13.62 13.62 1.92
Q3 2013 16.23 16.23 1.96
Q4 2013 20.53 20.53 1.96
Q1 2014 24.93 24.93 1.94
Q2 2014 43.62 43.62 2.49
Q3 2014 56.01 56.01 2.57
Q4 2014 34.49 34.50 1.77
Q1 2015 57.88 57.89 2.21
Q2 2015 52.90 52.91 2.12

Business Segments (Million)

Compared With The
Period Chemical Products Adhesive materials Maintenance Chemicals and laundries Polyurethane Chemicals Hydrochloric acid and caustic soda and chlorine gas Others
Q1 2009 - - 27.26 24.51 26.88 8.53
Q2 2009 - - 23.56 24.02 26.41 9.23
Q3 2009 - - 19.21 18.05 23.37 9.40
Q4 2009 - - 20.28 19.53 25.57 9.55
Q1 2010 - - 25.79 19.75 23.16 11.98
Q2 2010 - - 30.65 21.85 26.26 10.76
Q3 2010 - - 22.05 22.34 26.49 9.93
Q4 2010 - - 26.37 23.72 24.63 10.84
Q1 2011 - - 29.67 29.91 21.25 7.58
Q2 2011 - - 32.41 34.24 24.37 7.90
Q3 2011 - - 27.30 28.42 21.33 8.67
Q4 2011 - - 22.79 29.54 21.91 9.01
Q1 2012 - - 32.07 34.99 25.32 9.97
Q3 2012 63.75 92.24 - - - -
Q4 2012 88.34 87.46 - - - -
Q1 2013 99.78 76.48 - - - -
Q2 2013 105.08 89.57 - - - -
Q3 2013 81.66 65.82 - - - -
Q4 2013 79.74 60.82 - - - -
Q1 2014 90.16 72.74 - - - -
Q2 2014 100.23 66.83 - - - -
Q3 2014 86.42 64.71 - - - -
Q4 2014 85.63 66.75 - - - -
Q1 2015 89.62 66.51 - - - -
Q2 2015 96.48 64.99 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 827.75
Enterprise Value (EV) (M) 1,263.99
Shares Outstanding ((M)) 27.50
EPS ( Riyal) (TTM) 0.66
Book Value (BV) ( Riyal) 21.71
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 45.51
Price/book 1.39
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 3.1
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Share Price

Basic Chemical Industries Co.
30.05
(0.15) (0.50 %)

Basic Chemical Industries Co. (BCI)

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