GACO swings to SAR 1.1 mln net profit in 2021; Q4 at SAR 1.5 mln

31/03/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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