GACO swings to SAR 6.7M loss in 2023; Q4 at SAR 5.7M

Al Gassim Investment Holding Co. (GACO) reported a net loss of SAR 6.7 million in 2023, versus a net profit of SAR 7.1 million a year earlier.

The annual results were hurt by a decline in financing income from lease contracts, which decrease year to year.

GACO also recorded an impairment loss in the value of investment properties compared to recording a refund of the impairment loss in 2022. In addition, GACO noted an increase in the value of the Zakat provision made in 2023, compared to a year earlier.

On the other hand, general and administrative expenses declined. The company also reported higher profits from revaluing financial assets at fair value, and other revenues during the current year compared to the previous year.

GACO turned to a net loss of SAR 5.7 million in Q4 2023, from a net profit of SAR 7.9 million in the prior-year period.

Compared to Q3 2023, net losses widened from SAR 2.45 million.

Total shareholders’ equity, no minority interest, dropped to SAR 296.36 million as of Dec. 31, 2023, from SAR 303.16 million a year earlier.

Accumulated losses reached SAR 3.6 million by the end of the 12-month period, representing 1.2% of the company’s capital.

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