Financial Results : GACO incurs SAR 1.8M loss in Q1 2024

GACO incurs SAR 1.8M loss in Q1 2024

19/05/2024 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) reported a net loss of SAR 1.8 million in the first quarter of 2024, versus a net profit of SAR 509,000 in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 2.60 2.51 (3.4 %)
Gross Income 2.24 2.14 (4.2 %)
Operating Income (0.08) (0.40) (413.0 %)
Net Income 0.51 (1.76) (445.4 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.02 (0.06) (445.4 %)

Revenue declined in Q1 2024 on lower financing income from lease contracts due to their decreasing nature, in addition to the drop in the rental value of the dates grove.

 

GACO also cited higher Zakat provisions as well as general and administrative expenses in the current period.

 

The company narrowed net losses on a sequential basis from SAR 5.66 million in Q4 2023. It recorded impairment losses in the value of investment properties in the previous quarter.

 

Total shareholders’ equity, no minority interest, declined to SAR 294.60 million by March 31, 2024, from SAR 303.67 million a year earlier.

 

Accumulated losses reached SAR 5.39 million by the end of the three-month period, representing 1.8% of the company's capital.

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