GACO earns SAR 1.4 mln in H1 2023, SAR 889,800 in Q2

14/08/2023 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) reported a net profit of SAR 1.4 million in H1 2023, against a loss of SAR 881,600 in the prior-year period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	5.33	5.20	(2.3 %)
Gross Income	4.46	4.47	0.2 %
Operating Income	(0.86)	0.37	142.3 %
Net Income	(0.88)	1.40	258.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.03)	0.05	258.6 %

This was triggered by higher other income as well as lower general and administrative expenses.

The company also cited lower expected credit loss (ECL) provision and a decline in Zakat provision. This was despite a fall in revenues.

This was despite a fall in revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	2.66	2.60	(2.3 %)
Gross Income	2.24	2.23	(0.2 %)
Operating Income	(0.14)	0.44	409.9 %
Net Income	(0.36)	0.89	345.2 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.01)	0.03	345.2 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	2.60	2.60	-
Gross Income	2.24	2.23	(0.2 %)
Operating Income	(0.08)	0.44	668.9 %
Net Income	0.51	0.89	74.9 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.02	0.03	74.9 %

The company turned to a net profit of SAR 889,800 in Q2 2023, against a loss of SAR 360,000 in Q2 2022.

This was attributed to higher dividends from financial assets at fair value plus an increase in other income during the current quarter, along with a decrease in general and administrative expenses.

The company also cited a lower ECL provision despite a decrease in revenues during the current quarter.

On a sequential basis, Q2 net earnings leapt 74.9% from SAR 510,000 in Q1 2023.

Total shareholders’ equity, no minority interest, stood at SAR 304.56 million by the end of H1 2023, compared to SAR 295 million in the year-earlier period.

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