BCI net profit falls 30% to SAR 21.4 mln in 9M 2021

BCI net profit falls 30% to SAR 21.4 mln in 9M 2021

07/11/2021 Argaam Exclusive

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Basic Chemical Industries Co. (BCI) reported a net profit after Zakat and tax of SAR 21.4 million for the first nine months of 2021, down 30% from SAR 30.4 million in the same period a year earlier.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 387.26 367.00 (5.2 %)
Gross Income 102.95 104.67 1.7 %
Operating Income 50.76 45.81 (9.8 %)
Net Income 30.44 20.52 (32.6 %)
Average Shares 27.50 27.50 -
EPS (Riyals) 1.11 0.75 (32.6 %)

The company attributed the profit decline to higher general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 115.16 122.31 6.2 %
Gross Income 32.19 30.59 (5.0 %)
Operating Income 16.36 11.81 (27.8 %)
Net Income 9.36 4.96 (47.0 %)
Average Shares 27.50 27.50 -
EPS (Riyals) 0.34 0.18 (47.0 %)

BCI reported 49% year-on-year (YoY) decline in Q3 2021 net profit after Zakat and tax to SAR 4.8 million, driven by higher cost of sales, along with a rise in general and administrative expenses, and selling and marketing expenses.

 

On a sequential basis, Q3 net profit slumped 37.9% from SAR 7.74 million.

 

Shareholders’ equity, after minority interest, increased to SAR 581.11 million as of Sept. 30, 2021 from SAR 553.13 million a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2015 141.75 (6.2 %) 27.81 (2.8 %) 11.11 37.9 %
Q4 2015 170.26 11.7 % 45.73 56.3 % 31.54 157.4 %
Q1 2016 147.94 (5.2 %) 34.53 10.5 % 19.70 84.0 %
Q2 2016 148.34 (8.1 %) 41.64 13.2 % 20.74 42.5 %
Q3 2016 123.86 (12.6 %) 29.51 6.1 % 11.37 2.4 %
Q4 2016 137.69 (19.1 %) 42.14 (7.9 %) 23.47 (25.6 %)
Q1 2017 128.39 (13.2 %) 32.13 (6.9 %) 13.43 (31.8 %)
Q2 2017 149.51 0.8 % 40.49 (2.8 %) 20.90 0.8 %
Q3 2017 144.18 16.4 % 36.09 22.3 % 18.38 61.7 %
Q4 2017 173.47 26.0 % 42.08 (0.1 %) 24.45 4.2 %
Q1 2018 153.76 19.8 % 42.83 33.3 % 25.45 89.5 %
Q2 2018 151.39 1.3 % 39.92 (1.4 %) 21.74 4.0 %
Q3 2018 143.26 (0.6 %) 37.53 4.0 % 15.57 (15.3 %)
Q4 2018 156.78 (9.6 %) 34.50 (18.0 %) 13.44 (45.0 %)
Q1 2019 130.98 (14.8 %) 29.36 (31.4 %) 11.46 (55.0 %)
Q2 2019 130.12 (14.1 %) 34.12 (14.5 %) 16.16 (25.7 %)
Q3 2019 141.39 (1.3 %) 38.86 3.5 % 20.86 34.0 %
Q4 2019 132.07 (15.8 %) 32.19 (6.7 %) 16.01 19.1 %
Q1 2020 140.96 7.6 % 35.98 22.5 % 17.23 50.4 %
Q2 2020 131.14 0.8 % 34.78 1.9 % 17.17 6.2 %
Q3 2020 115.16 (18.6 %) 32.19 (17.2 %) 16.36 (21.6 %)
Q4 2020 112.99 (14.5 %) 28.35 (11.9 %) 6.61 (58.7 %)
Q1 2021 126.10 (10.5 %) 37.31 3.7 % 17.66 2.5 %
Q2 2021 118.60 (9.6 %) 36.77 5.7 % 16.33 (4.9 %)
Q3 2021 122.31 6.2 % 30.59 (5.0 %) 11.81 (27.8 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2015 2.31 90.7 % 0.08 - 2.31 0.08
Q4 2015 20.20 210.7 % 0.73 - 20.20 0.73
Q1 2016 10.75 289.5 % 0.39 - 10.75 0.39
Q2 2016 13.23 81.2 % 0.48 - 13.23 0.48
Q3 2016 7.29 215.8 % 0.27 - 7.29 0.27
Q4 2016 14.91 (26.2 %) 0.54 - 14.91 0.54
Q1 2017 5.92 (44.9 %) 0.22 - 5.92 0.22
Q2 2017 12.52 (5.4 %) 0.46 - 12.52 0.46
Q3 2017 8.26 13.3 % 0.30 - 8.26 0.30
Q4 2017 17.06 14.4 % 0.62 - 17.06 0.62
Q1 2018 16.01 170.4 % 0.58 - 16.01 0.58
Q2 2018 13.00 3.8 % 0.47 - 13.00 0.47
Q3 2018 9.29 12.5 % 0.34 - 9.29 0.34
Q4 2018 11.37 (33.4 %) 0.41 - 11.37 0.41
Q1 2019 6.12 (61.8 %) 0.22 - 6.12 0.22
Q2 2019 9.69 (25.5 %) 0.35 - 9.69 0.35
Q3 2019 15.29 64.6 % 0.56 - 15.29 0.56
Q4 2019 10.13 (10.9 %) 0.37 - 10.13 0.37
Q1 2020 10.42 70.4 % 0.38 - 10.42 0.38
Q2 2020 10.66 10.1 % 0.39 - 10.66 0.39
Q3 2020 9.36 (38.8 %) 0.34 - 9.36 0.34
Q4 2020 1.08 (89.3 %) 0.04 - 1.08 0.04
Q1 2021 7.43 (28.7 %) 0.27 - 7.43 0.27
Q2 2021 8.13 (23.8 %) 0.30 - 8.13 0.30
Q3 2021 4.96 (47.0 %) 0.18 - 4.96 0.18

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q3 2015 20.45 % 12.79 % 3.08 %
Q4 2015 22.49 % 15.44 % 5.17 %
Q1 2016 23.31 % 16.99 % 6.53 %
Q2 2016 24.61 % 18.20 % 7.64 %
Q3 2016 25.64 % 18.63 % 8.72 %
Q4 2016 26.50 % 18.32 % 8.28 %
Q1 2017 27.01 % 17.91 % 7.68 %
Q2 2017 26.74 % 18.01 % 7.53 %
Q3 2017 26.95 % 18.59 % 7.43 %
Q4 2017 25.32 % 17.67 % 7.35 %
Q1 2018 26.01 % 18.83 % 8.67 %
Q2 2018 25.84 % 18.82 % 8.72 %
Q3 2018 26.11 % 18.46 % 8.90 %
Q4 2018 25.58 % 17.07 % 8.21 %
Q1 2019 24.26 % 15.39 % 6.83 %
Q2 2019 24.15 % 15.06 % 6.50 %
Q3 2019 24.47 % 16.07 % 7.59 %
Q4 2019 25.17 % 17.37 % 7.71 %
Q1 2020 25.92 % 18.14 % 8.36 %
Q2 2020 25.99 % 18.30 % 8.52 %
Q3 2020 26.02 % 18.44 % 7.81 %
Q4 2020 26.25 % 17.08 % 6.30 %
Q1 2021 27.33 % 17.23 % 5.88 %
Q2 2021 28.47 % 17.00 % 5.50 %
Q3 2021 27.71 % 15.26 % 4.50 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2015 27.50 0.69 0.69 16.22
Q4 2015 27.50 1.18 1.18 17.03
Q1 2016 27.50 1.47 1.47 16.96
Q2 2016 27.50 1.69 1.69 16.44
Q3 2016 27.50 1.87 1.87 16.71
Q4 2016 27.50 1.68 1.68 17.25
Q1 2017 27.50 1.50 1.50 17.47
Q2 2017 27.50 1.48 1.48 16.92
Q3 2017 27.50 1.51 1.51 17.22
Q4 2017 27.50 1.59 1.59 17.77
Q1 2018 27.50 1.96 1.96 18.35
Q2 2018 27.50 1.98 1.98 17.83
Q3 2018 27.50 2.01 2.01 18.16
Q4 2018 27.50 1.81 1.81 18.45
Q1 2019 27.50 1.45 1.45 18.67
Q2 2019 27.50 1.33 1.33 19.02
Q3 2019 27.50 1.54 1.54 19.58
Q4 2019 27.50 1.50 1.50 20.01
Q1 2020 27.50 1.66 1.66 19.39
Q2 2020 27.50 1.69 1.69 19.77
Q3 2020 27.50 1.48 1.48 20.11
Q4 2020 27.50 1.15 1.15 19.58
Q1 2021 27.50 1.04 1.04 20.68
Q2 2021 27.50 0.95 0.95 20.96
Q3 2021 27.50 0.79 0.79 21.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q3 2015 36.26 36.26 1.53
Q4 2015 17.20 17.20 1.20
Q1 2016 13.53 13.53 1.18
Q2 2016 18.98 18.98 1.95
Q3 2016 16.57 16.57 1.86
Q4 2016 15.45 15.45 1.50
Q1 2017 16.15 16.15 1.39
Q2 2017 14.34 14.34 1.25
Q3 2017 13.98 13.98 1.23
Q4 2017 13.31 13.31 1.19
Q1 2018 11.42 11.42 1.22
Q2 2018 12.15 12.15 1.35
Q3 2018 11.07 11.07 1.23
Q4 2018 12.24 12.24 1.20
Q1 2019 15.96 15.96 1.24
Q2 2019 16.59 16.59 1.16
Q3 2019 13.70 13.70 1.08
Q4 2019 16.00 16.00 1.20
Q1 2020 11.62 11.62 0.99
Q2 2020 13.80 13.80 1.18
Q3 2020 20.27 20.27 1.49
Q4 2020 29.09 29.09 1.70
Q1 2021 39.37 39.37 1.98
Q2 2021 44.32 44.32 2.00
Q3 2021 60.78 60.78 2.26

Business Segments (Million)

Compared With The
Period Chemical Products Adhesive materials Polymers Maintenance Chemicals and laundries Polyurethane Chemicals Hydrochloric acid and caustic soda and chlorine gas Others
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 - - - - -
Q3 2015 84.79 56.96 - - - - -
Q4 2015 99.91 65.87 - - - - -
Q1 2016 92.38 55.56 - - - - -
Q2 2016 86.07 62.27 - - - - -
Q3 2016 72.07 51.79 - - - - -
Q4 2016 72.37 65.32 - - - - -
Q1 2017 69.74 58.64 - - - - -
Q2 2017 88.07 61.43 - - - - -
Q3 2017 83.27 60.91 - - - - -
Q4 2017 109.09 64.38 - - - - -
Q1 2018 95.68 58.08 - - - - -
Q2 2018 94.26 57.13 - - - - -
Q3 2018 80.41 62.85 - - - - -
Q4 2018 94.03 62.75 - - - - -
Q1 2019 68.68 62.30 - - - - -
Q2 2019 66.78 63.34 - - - - -
Q3 2019 79.16 62.23 - - - - -
Q4 2019 69.48 62.59 - - - - -
Q1 2020 82.95 58.01 - - - - -
Q2 2020 71.20 59.94 - - - - -
Q3 2020 57.14 58.02 - - - - -
Q4 2020 63.23 49.76 - - - - -
Q1 2021 67.47 58.63 - - - - -
Q2 2021 60.40 58.19 - - - - -
Q3 2021 61.53 60.79 - - - - -


Financial Ratios
Current
Market Cap (M Riyal) 825.00
Enterprise Value (EV) (M) 1,261.24
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) 45.36
Price/book 1.38
Return on Average Assets (%) (TTM) 1.4
Return on Average Equity (%) (TTM) 3.1
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Share Price

Basic Chemical Industries Co.
30.00
(0.20) (0.66 %)

Basic Chemical Industries Co. (BCI)

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