Riyadh – Mubasher: Saudi Arabia-based Basic Chemical Industries Company (BCI) on Wednesday reported a 170.44% year-on-year jump in net profits for the first quarter of 2018.

BCI logged a net profit of SAR 16.01 million during the three-month period ended March 2018, up from SAR 5.92 million in Q1-17, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm attributed the hike of its first-quarter profits to a rise in sales, in addition to a growth in other operating income, coupled with a decrease in general and administrative expenses.

The Tadawul-listed firm's sales advanced 19.76% to SAR 153.76 million in the first three months of 2018, compared to SAR 128.39 million in the year-ago period.

While shareholders' equity (excluding non-controlling interests) rose 3.28% to SAR 504.70 million in Q1-18, versus SAR 488.69 million in the comparative period of 2017, the statement added.

BCI’s stock fell 3.16% to close Tuesday’s session at SAR 23.60.

Source: Mubasher

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