Al Gassim Investment Holding Co. (GACO) reported a net profit of SAR 1.4 million in H1 2023, against a loss of SAR 881,600 in the prior-year period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 5.33 | 5.20 | (2.3 %) |
| Gross Income | 4.46 | 4.47 | 0.2 % |
| Operating Income | (0.86) | 0.37 | 142.3 % |
| Net Income | (0.88) | 1.40 | 258.6 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.03) | 0.05 | 258.6 % |
This was triggered by higher other income as well as lower general and administrative expenses.
The company also cited lower expected credit loss (ECL) provision and a decline in Zakat provision. This was despite a fall in revenues.
This was despite a fall in revenues.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 2.66 | 2.60 | (2.3 %) |
| Gross Income | 2.24 | 2.23 | (0.2 %) |
| Operating Income | (0.14) | 0.44 | 409.8 % |
| Net Income | (0.36) | 0.89 | 345.2 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.01) | 0.03 | 345.2 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 2.60 | 2.60 | - |
| Gross Income | 2.24 | 2.23 | (0.2 %) |
| Operating Income | (0.08) | 0.44 | 667.9 % |
| Net Income | 0.51 | 0.89 | 74.9 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.02 | 0.03 | 74.9 % |
The company turned to a net profit of SAR 889,800 in Q2 2023, against a loss of SAR 360,000 in Q2 2022.
This was attributed to higher dividends from financial assets at fair value plus an increase in other income during the current quarter, along with a decrease in general and administrative expenses.
The company also cited a lower ECL provision despite a decrease in revenues during the current quarter.
On a sequential basis, Q2 net earnings leapt 74.9% from SAR 510,000 in Q1 2023.
Total shareholders’ equity, no minority interest, stood at SAR 304.56 million by the end of H1 2023, compared to SAR 295 million in the year-earlier period.
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