Al Gassim Investment Holding Co. (GACO) reported a net profit of SAR 561,000 for the first quarter of 2023, against a net loss of SAR 469,000 in the same period last year.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 2.66 | 2.60 | (2.3 %) |
| Gross Income | 2.22 | 2.24 | 0.7 % |
| Operating Income | (0.72) | (0.08) | 89.2 % |
| Net Income | (0.52) | 0.51 | 198.0 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (0.02) | 0.02 | 198.0 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 2.66 | 2.60 | (2.3 %) |
| Gross Income | 2.24 | 2.24 | 0.0 % |
| Operating Income | 15.38 | (0.08) | (100.5 %) |
| Net Income | 7.95 | 0.51 | (93.6 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.26 | 0.02 | (93.6 %) |
The improved results were due to a decline in the expected credit losses, lower general and administrative (G&A) expenses, and higher other revenues. The company also cited profits from the sale of property, machinery, and equipment during the current quarter.
This was despite recording an increase in Zakat provision and the absence of dividend distributions in the current quarter compared to the same quarter of the previous year.
Meanwhile, the company's Q1 2023 dropped 93% from SAR 7.99 million in the previous quarter.
This was due to the reversal of impairment loss in the value of real estate investments in the previous quarter. However, the company cited a decrease in G&A expenses and Zakat provision compared to the previous quarter.
Total shareholders’ equity, no minority interest, reached SAR 297.88 million as of March 31, 2023, compared to SAR 289.38 million a year earlier.
Accumulated losses amounted to SAR 3.64 million at the end of Q1 2023, representing 1.21% of capital.
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