GACO deepens H1 2022 net loss to SAR 783,000; Q2 at SAR 313,000

25/08/2022 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) widened H1 2022 net loss after Zakat and tax to SAR 783,000, compared to SAR 317,000 in the prior year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	5.63	5.33	(5.4 %)
Gross Income	4.74	4.46	(6.0 %)
Operating Income	(0.44)	(0.86)	(95.7 %)
Net Income	(0.32)	(0.88)	(178.1 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.01)	(0.03)	(178.1 %)

This was triggered by an increase in provisions year-on-year (YoY), despite lower general and administrative expenses (G&As).

GACO also widened Q2 2022 net loss after Zakat and tax to SAR 313,000, from SAR 292,892 in the year earlier period, on higher credit loss provisions, and lower profit from property sales, despite decreased G&As.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	2.82	2.66	(5.5 %)
Gross Income	2.38	2.24	(6.0 %)
Operating Income	(0.19)	(0.14)	24.7 %
Net Income	(0.29)	(0.36)	(23.9 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.01)	(0.01)	(23.9 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	2.66	2.66	-
Gross Income	2.22	2.24	0.6 %
Operating Income	(0.72)	(0.14)	80.1 %
Net Income	(0.52)	(0.36)	30.0 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.02)	(0.01)	30.0 %

On a sequential basis, net loss shrank from SAR 470,000.

Total shareholders’ equity, excluding minority interest, stood at SAR 289.07 million by the end of H1 2022, compared to SAR 288.424 million in the year-earlier period.

Accumulated losses reached SAR 11.507 million, or 3.84% of capital, by the end of the six-month period.

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