GACO net profit down 84% to SAR 1.7 mln in H1 2020

25/08/2020 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) reported a net profit after Zakat and tax of SAR 1.7 million for the first half of 2020, an 84% year-on-year (YoY) decline, compared to SAR 10.8 million in the year-earlier period.

The decline in net profit was attributed to higher general and administrative expenses, higher estimated Zakat provision and impairment in commercial receivables. In addition, H1 2019 contained recognizing gain on the change in fair value of financial assets.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	5.85	5.75	(1.8 %)
Gross Income	4.98	4.94	(0.9 %)
Operating Income	10.97	2.27	(79.3 %)
Net Income	10.82	1.25	(88.5 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.36	0.04	(88.5 %)

The company reported a net profit after Zakat and tax of SAR 1.46 million, a 30.2% YoY decline, compared to SAR 1.02 million in the same period a year earlier on higher estimated Zakat provision and impairment in commercial receivables.

On a quarterly basis, net profit grew 43% on lower general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	2.92	2.87	(1.7 %)
Gross Income	2.46	2.46	0.1 %
Operating Income	1.50	1.40	(6.7 %)
Net Income	1.46	0.54	(63.3 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.05	0.02	(63.3 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	2.87	2.87	-
Gross Income	2.48	2.46	(1.0 %)
Operating Income	0.87	1.40	60.6 %
Net Income	0.71	0.54	(24.8 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.02	0.02	(24.8 %)

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