GACO widens 9M 2022 net loss to SAR 746,700; Q3 profit at SAR 36,000

10/11/2022 Argaam Exclusive

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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.

Financials (M)

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.

Current Quarter Comparison (M)

Compared With The

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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