GACO widens losses to SAR 4.7M in 9M 2024; Q3 at SAR 1.1M

05/11/2024 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) reported a net loss of SAR 4.7 million for the first nine months of 2024, compared to SAR 1 million in the same period a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	7.87	7.54	(4.2 %)
Gross Income	6.76	6.43	(4.9 %)
Operating Income	0.34	(1.43)	(521.9 %)
Net Income	(1.05)	(4.68)	(345.5 %)
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.03)	(0.16)	(345.5 %)

The losses were attributed to lower revenues, along with an increase in Zakat provision, general and administrative expenses, and provisions for expected credit losses, as well as a decrease in financing revenues.

The company also cited a decline in rental income from Al-Nakheel Grove.

This was despite an increase in other income compared to the same period last year.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2.66	2.51	(5.6 %)
Gross Income	2.29	2.13	(7.0 %)
Operating Income	0.21	(1.00)	(580.7 %)
Net Income	(2.45)	(1.09)	55.6 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.08)	(0.04)	55.6 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	2.51	2.51	-
Gross Income	2.15	2.13	(1.0 %)
Operating Income	(0.03)	(1.00)	(3,093.9 %)
Net Income	(1.83)	(1.09)	40.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.06)	(0.04)	40.7 %

The company reported a net loss of SAR 1.1 million in Q3 2024, down from SAR 2.45 million in Q3 2023, due to lower other income.

Sequentially, GACO reduced its losses from SAR 1.83 million in Q2 2024.

Shareholders’ equity, no minority interest, stood at SAR 291.68 million as of Sept. 30, 2024, from SAR 302.11 million a year earlier.

Accumulated losses reached SAR 8.3 million by the end of the current period, representing 2.7% of the company's capital.

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