Riyadh – Mubasher: Saudi Arabia’s Basic Chemical Industries Company (BCI) on Sunday posted a 5.2% decline in its net profits during the full-year 2017, compared to the prior year.
BCI’s net profits reached SAR 43.8 million last year, down from SAR 46.2 million in 2016, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm’s operating profits rose 7.7% to SAR 86.6 million in 2017 versus SAR 80.3 million in the previous year.
BCI attributed the decrease in the annual net profits to an increase in sales’ cost, as well as the hike of general and administrative expenses.
The company’s sales grew 6.8% to SAR 595.5 million during 2017, compared to SAR 557.8 million in the year before.
BCI’s stock inched down 0.9%, closing Thursday at SAR 22.15.
