Al Gassim Investment Holding Co. (GACO) swung to a net loss after Zakat and tax of SAR 370,000 for the first nine months of 2021 from a net profit of SAR 964,000 in the year-earlier period.
The company attributed its losses to higher general and administrative expenses, and the value of provisions made.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 8.70 | 8.55 | (1.7 %) |
| Gross Income | 7.50 | 7.22 | (3.7 %) |
| Operating Income | 3.84 | (0.06) | (101.6 %) |
| Net Income | 0.96 | (0.37) | (138.4 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.03 | (0.01) | (138.4 %) |
GACO narrowed net loss after Zakat and tax to SAR 52,000 in Q3 2021, compared to a loss of SAR 280,000 in Q3 2020, mainly due to the decrease in the value of the Zakat provisions.
The firm posted a net loss of SAR 290,000 in Q2 2021.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 2.96 | 2.92 | (1.3 %) |
| Gross Income | 2.56 | 2.48 | (3.1 %) |
| Operating Income | 1.57 | 0.38 | (75.8 %) |
| Net Income | (0.28) | (0.05) | 81.6 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.01) | 0.00 | 81.6 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 2.82 | 2.92 | 3.5 % |
| Gross Income | 2.38 | 2.48 | 4.1 % |
| Operating Income | (0.19) | 0.38 | 299.5 % |
| Net Income | (0.29) | (0.05) | 82.3 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.01) | 0.00 | 82.3 % |
Shareholders’ equity, after minority interest, decreased to SAR 288.37 million as of Sept. 30, 2021, from SAR 296.14 million a year earlier.
Accumulated losses stood at SAR 12.08 million at the end of 9M 2021, accounting for 4.03% of total capital.
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