Financial Results : GACO turns to loss of SAR 25,000 in Q1 2021

GACO turns to loss of SAR 25,000 in Q1 2021

23/05/2021 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 %)

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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