Further to the announcement by Basic Chemical Industries Company posted on Tadawul yesterday (19/07/2011) of its consolidated interim financial results for the period ending 30 June 2011, the company would like to clarify to its shareholders and the public additional reasons on the increase in profit of its two subsidiaries.
Due to increased demand on the subsidiary products, sales increase from SAR 75.567 million in June 2010 to SAR 111.423 million in June 2011. This led the increase in profit in the same quarter from SAR 10.796 million to SAR 20.540 million and because of the profit increase the minority interest increased. On the other hand due to the increase the prices in petroleum related raw materials used in our manufacturing operations and the decrease in demand for those products, resulted in the decline of overall profit by 4.8%.
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