GACO widens losses to SAR 1.1 mln in 9M 2023; Q3 at SAR 2.5 mln

09/11/2023 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) reported a net loss of SAR 1.1 million for the first nine months of 2023, up from SAR 895,000 a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	8.20	7.87	(4.1 %)
Gross Income	6.90	6.76	(2.1 %)
Operating Income	(0.62)	0.34	154.2 %
Net Income	(0.90)	(1.05)	(17.3 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.03)	(0.03)	(17.3 %)

The losses deepened on higher Zakat provision, despite the decrease in general and administrative expenses and provision for expected credit losses, as well as the increase in other revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	2.87	2.66	(7.3 %)
Gross Income	2.45	2.29	(6.3 %)
Operating Income	0.24	0.21	(13.1 %)
Net Income	(0.01)	(2.45)	(18,035.6 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.00	(0.08)	(18,035.6 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	2.60	2.66	2.3 %
Gross Income	2.23	2.29	2.7 %
Operating Income	0.44	0.21	(53.2 %)
Net Income	0.89	(2.45)	(375.2 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	0.03	(0.08)	(375.2 %)

The company expanded its losses in Q3 2023 to SAR 2.5 million from SAR 10,000 in Q3 2022, mainly due to the increase in the value of the zakat provision made during the period.

Sequentially, GACO swung to losses against a profit of SAR 890,000 in Q2 2023.

Total shareholders’ equity, no minority interest, fell to SAR 302.11 million as of Sept. 30, 2023, from SAR 295 million a year earlier.

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