Al Gassim Investment Holding Co. (GACO) reported a net loss after Zakat and tax of SAR 746,700 for the first nine months of 2022, compared to SAR 369,600 in the year-earlier period, on higher credit loss provisions, despite lower general and administrative expenses.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 8.55 | 8.20 | (4.2 %) |
| Gross Income | 7.22 | 6.90 | (4.4 %) |
| Operating Income | (0.06) | (0.62) | (907.4 %) |
| Net Income | (0.37) | (0.90) | (141.9 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.01) | (0.03) | (141.9 %) |
Q3 2022 net profit after Zakat and tax stood at SAR 36,000, versus a net loss after Zakat and tax of SAR 52,000 in the year-earlier period, on lower Zakat provisions, and decreased general and administrative expenses.
Compared to Q2 2022, the company swung to profit, versus a net loss of SAR 313,000.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 2.92 | 2.87 | (1.6 %) |
| Gross Income | 2.48 | 2.45 | (1.3 %) |
| Operating Income | 0.38 | 0.24 | (37.1 %) |
| Net Income | (0.05) | (0.01) | 74.0 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.00 | 0.00 | 74.0 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 2.66 | 2.87 | 7.8 % |
| Gross Income | 2.24 | 2.45 | 9.3 % |
| Operating Income | (0.14) | 0.24 | 266.8 % |
| Net Income | (0.36) | (0.01) | 96.3 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.01) | 0.00 | 96.3 % |
Total shareholders’ equity, no minority interest, stood at SAR 289.106 million as of Sept. 30, 2022, compared to SAR 288.372 million in the year-earlier period.
Accumulated losses reached SAR 11.472 million as of Sept. 30, 2022, accounting for 3.82% of capital.
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