Financial Results : GACO turns to loss of SAR 3.6M in H1 2024; Q2 at SAR 1.8M

GACO turns to loss of SAR 3.6M in H1 2024; Q2 at SAR 1.8M

11/08/2024 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) reported a net loss of SAR 3.6 million in H1 2024, against a profit of SAR 1.4 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 5.20 5.02 (3.5 %)
Gross Income 4.47 4.30 (3.8 %)
Operating Income 0.37 (0.43) (217.9 %)
Net Income 1.40 (3.59) (356.7 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.05 (0.12) (356.7 %)

The losses were attributed to the increase in Zakat provision, general and administrative expenses, provision for expected credit losses, and the decrease in the value of financing revenues according to their nature. This came despite the increase in other revenues compared to the same period of the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2.60 2.51 (3.4 %)
Gross Income 2.23 2.15 (3.5 %)
Operating Income 0.44 (0.03) (107.0 %)
Net Income 0.89 (1.83) (306.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.03 (0.06) (306.0 %)

The company reported a net loss of SAR 1.8 million in Q2 2024, against a profit of SAR 890,000 in Q2 2023.

 

Sequentially, GACO expanded losses from SAR 1.76 million in Q1 2024.

 

Shareholders’ equity, no minority interest, stood at SAR 292.77 million as of June 30, 2024, from SAR 304.56 million a year earlier.

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