Riyadh – Mubasher: Basic Chemical Industries Company (BCI) on Monday posted a 4% year-on-year increase in net profits for the second quarter of 2018.

BCI’s profits amounted to SAR 13 million ($3.47 million) during Q2-18, up from SAR 12.5 million ($3.33 million) in Q2-17, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits levelled down 18.8%, from SAR 16.01 million.

The chemicals firm attributed the growth in Q2-18 profits to a rise in sales, which increased by 1.26% to SAR 151.39 million from SAR 149.51 million in Q2-17/

At the level of the first six months, the Tadawul-listed company’s profits surged 57.61%, reaching SAR 29 million, compared to SAR 18.4 million during H1-17.

The rise half-year came on the back of a decline in administrative, general, marketing, and selling expenses, whereas sales went up.

Sales jumped 9.81% to SAR 305.15 million in the period from January to June, compared to SAR 277.89 million during the same six months last year.

BCI’s stock levelled up 2.38% to close Sunday at SAR 25.80.