Riyadh – Mubasher: Basic Chemical Industries Company (BCI) posted a 64.5% year-on-year hike in profits for the third quarter of 2019, registering SAR 15.29 million.
Meanwhile, revenues inched down by 1.3% to SAR 141 million in Q3-19, compared to SAR 143.26 million in Q3-18, according to a recent bourse statement.
“The reason for the increase in gross profit is due to the decrease in the cost of sales and the reason for the increase in operating profit and in net profit is due to decrease in general and administrative expenses,” the statement said.
During the first nine months of 2019, net profits of BCI plunged by 18.8% to SAR 31.09 million, from SAR 38.3 million in the same period of the prior year.
By the end of September, total revenues retreated by 10.24% year-on-year to SAR 402.49 million.
Profit per share stood at SAR 1.13 in nine months, versus SAR 1.39 in the same period last year.
