Al Gassim Investment Holding Co. (GACO) reported a net profit after Zakat and tax of SAR 1.1 million in 2021, versus a net loss of SAR 5.1 million a year earlier.
| Item | 2020 | 2021 | Change |
|---|---|---|---|
| Revenues | 11.66 | 11.37 | (2.4 %) |
| Gross Income | 9.91 | 9.58 | (3.3 %) |
| Operating Income | (3.86) | 7.65 | 298.1 % |
| Net Income | (5.13) | 1.09 | 121.3 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.17) | 0.04 | 121.3 % |
This was driven by reversing SAR 149,000 in asset impairment loss, despite higher provisions for the leasing contracts, as well as Zakat compared to the year before.
Q4 2021 net profit after Zakat and tax stood at SAR 1.5 million, versus a net loss of SAR 6.09 million in Q4 2020.
Sequentially, the company turned to profitability in Q4 2021, versus SAR 0.05 million net loss in Q3 2021.
| Item | Q4 2020 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 2.96 | 2.82 | (4.6 %) |
| Gross Income | 2.41 | 2.36 | (2.1 %) |
| Operating Income | (7.70) | 7.72 | 200.2 % |
| Net Income | (6.09) | 1.46 | 124.0 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.20) | 0.05 | 124.0 % |
| Item | Q3 2021 | Q4 2021 | Change |
|---|---|---|---|
| Revenues | 2.92 | 2.82 | (3.4 %) |
| Gross Income | 2.48 | 2.36 | (4.8 %) |
| Operating Income | 0.38 | 7.72 | 1935.6 % |
| Net Income | (0.05) | 1.46 | 2905.8 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.00 | 0.05 | 2905.8 % |
Total shareholders’ equity, excluding minority interest, stood at SAR 289.85 million in 2021, compared to SAR 288.74 million in 2020.
The accumulated losses as on Dec. 31, 2021, reached SAR 10.7 million, accounting for 3.58% of the company's SAR 300 million capital.
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