Al Gassim Investment Holding Co. (GACO) widened H1 2022 net loss after Zakat and tax to SAR 783,000, compared to SAR 317,000 in the prior year period.
| Item | 6m 2021 | 6m 2022 | Change |
|---|---|---|---|
| Revenues | 5.63 | 5.33 | (5.4 %) |
| Gross Income | 4.74 | 4.46 | (6.0 %) |
| Operating Income | (0.44) | (0.86) | (95.7 %) |
| Net Income | (0.32) | (0.88) | (178.1 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.01) | (0.03) | (178.1 %) |
This was triggered by an increase in provisions year-on-year (YoY), despite lower general and administrative expenses (G&As).
GACO also widened Q2 2022 net loss after Zakat and tax to SAR 313,000, from SAR 292,892 in the year earlier period, on higher credit loss provisions, and lower profit from property sales, despite decreased G&As.
| Item | Q2 2021 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 2.82 | 2.66 | (5.5 %) |
| Gross Income | 2.38 | 2.24 | (6.0 %) |
| Operating Income | (0.19) | (0.14) | 24.7 % |
| Net Income | (0.29) | (0.36) | (23.9 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.01) | (0.01) | (23.9 %) |
| Item | Q1 2022 | Q2 2022 | Change |
|---|---|---|---|
| Revenues | 2.66 | 2.66 | - |
| Gross Income | 2.22 | 2.24 | 0.6 % |
| Operating Income | (0.72) | (0.14) | 80.1 % |
| Net Income | (0.52) | (0.36) | 30.1 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.02) | (0.01) | 30.1 % |
On a sequential basis, net loss shrank from SAR 470,000.
Total shareholders’ equity, excluding minority interest, stood at SAR 289.07 million by the end of H1 2022, compared to SAR 288.424 million in the year-earlier period.
Accumulated losses reached SAR 11.507 million, or 3.84% of capital, by the end of the six-month period.
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