Al Gassim Investment Holding Co. (GACO) reported a net loss after Zakat and tax of SAR 25,00 for the first quarter of 2021, compared to a net profit of SAR 711,000 in the same period last year.
The losses were attributed to provisions created during the current quarter, compared to zero provisions in the year-earlier period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 2.87 | 2.82 | (2.0 %) |
| Gross Income | 2.48 | 2.36 | (4.8 %) |
| Operating Income | 0.87 | (0.25) | (128.9 %) |
| Net Income | 0.71 | (0.02) | (103.4 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.02 | 0.00 | (103.4 %) |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 2.96 | 2.82 | (4.8 %) |
| Gross Income | 2.41 | 2.36 | (2.0 %) |
| Operating Income | (7.70) | (0.25) | 96.7 % |
| Net Income | (6.09) | (0.02) | 99.6 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.20) | 0.00 | 99.6 % |
On a sequential basis, net loss after Zakat and tax narrowed significantly due to recording of impairment losses on real estate investments in the previous quarter, as well as impairment losses on the provision for Zakat during the current quarter.
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