Al Gassim profit surges to SAR 9 mln in Q1 2019

12/05/2019 Argaam Exclusive

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Al Gassim Investment Holding Co. reported net profit after zakat and tax of SAR 9.4 million for Q1 2019, compared to net profit of SAR 294,000 a year earlier on a change in investments fair value and lower zakat provision.

The company also cited zero provisions, when compared to Q1 2018.

The first-quarter profit came against a net loss of SAR 10.2 million in the previous quarter as the company recorded revenue from a change in investments fair value. In Q4 2018, the company reported impairment losses from real estate investments.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2018	Q1 2019	Change‬
Revenues	2.97	2.92	(1.6 %)
Gross Income	2.53	2.53	0.0 %
Operating Income	1.31	9.47	622.9 %
Net Income	0.29	9.36	3082.7 %
Average Shares	30.00	30.00	-
EPS (Riyals)	0.01	0.31	3082.7 %

Item	Q4 2018	Q1 2019	Change‬
Revenues	2.97	2.92	(1.6 %)
Gross Income	2.54	2.53	(0.5 %)
Operating Income	(10.79)	9.47	187.8 %
Net Income	(10.23)	9.36	191.5 %
Average Shares	30.00	30.00	-
EPS (Riyals)	(0.34)	0.31	191.5 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	14.24	(46.4 %)	(2.40)	(536.4 %)	1.33	1178.8 %	0.04
Q2 2010	16.09	11.2 %	(8.13)	(367.2 %)	(10.29)	(237.5 %)	(0.34)
Q3 2010	21.18	(7.7 %)	(0.20)	(233.3 %)	(2.54)	(41.9 %)	(0.08)
Q4 2010	29.38	44.7 %	(2.04)	(251.7 %)	(6.16)	(177.4 %)	(0.21)
2010	80.89	(4.0 %)	(12.77)	(688.3 %)	(17.66)	(154.0 %)	(0.59)
Q1 2011	13.02	(8.6 %)	(1.72)	28.3 %	(1.87)	(240.8 %)	(0.06)
Q2 2011	17.64	9.6 %	1.21	114.9 %	(1.70)	83.4 %	(0.06)
Q3 2011	21.14	(0.2 %)	(3.44)	(1,620.0 %)	(5.89)	(132.5 %)	(0.20)
Q4 2011	11.46	(61.0 %)	(3.69)	(80.9 %)	(6.59)	(7.1 %)	(0.22)
2011	63.26	(21.8 %)	(7.64)	40.2 %	(16.06)	9.0 %	(0.54)
Q1 2012	12.02	(7.7 %)	0.72	141.9 %	7.25	487.0 %	0.24
Q2 2012	21.61	22.5 %	(1.15)	(195.0 %)	(0.14)	91.6 %	0.00
Q3 2012	22.10	4.5 %	(0.94)	72.7 %	(2.32)	60.7 %	(0.08)
Q4 2012	16.00	39.6 %	(5.45)	(47.7 %)	(12.31)	(86.7 %)	(0.41)
2012	71.73	13.4 %	(6.82)	10.7 %	(7.52)	53.2 %	(0.25)
Q1 2013	19.62	63.2 %	(0.90)	(225.0 %)	(3.17)	(143.8 %)	(0.11)
Q2 2013	20.27	(6.2 %)	3.24	381.7 %	0.05	132.9 %	0.00
Q3 2013	18.97	(14.2 %)	(0.71)	24.5 %	(2.90)	(25.4 %)	(0.10)
Q4 2013	11.13	(30.4 %)	(3.02)	44.6 %	(6.25)	49.2 %	(0.21)
2013	69.99	(2.4 %)	(1.39)	79.6 %	(12.28)	(63.3 %)	(0.41)
Q1 2014	8.94	(54.4 %)	(3.26)	(262.6 %)	(7.34)	(131.4 %)	(0.24)
Q2 2014	20.06	(1.1 %)	3.00	(7.4 %)	2.14	4446.8 %	0.07
Q3 2014	14.94	(21.2 %)	0.11	115.9 %	(1.68)	42.3 %	(0.06)
Q4 2014	9.29	(16.5 %)	(1.19)	60.5 %	(5.04)	19.4 %	(0.17)
2014	53.22	(24.0 %)	(1.39)	0.2 %	(15.04)	(22.5 %)	(0.50)
Q1 2015	8.14	(8.9 %)	(0.78)	76.1 %	(2.98)	59.5 %	(0.10)
Q2 2015	14.13	(29.6 %)	2.23	(25.8 %)	0.47	(78.2 %)	0.02
Q3 2015	12.83	(14.1 %)	(1.76)	(1660.2 %)	(4.18)	(149.6 %)	(0.14)
Q4 2015	11.44	23.2 %	(0.97)	18.8 %	7.71	253.0 %	0.26
2015	46.54	(12.5 %)	(1.28)	7.4 %	1.02	106.7 %	0.03
Q1 2016	8.08	(0.7 %)	0.57	173.2 %	95.31	3301.5 %	3.18
Q2 2016	5.57	(60.6 %)	3.32	49.0 %	3.03	551.6 %	0.10
Q3 2016	4.14	(67.7 %)	2.94	266.6 %	1.40	133.4 %	0.05
Q4 2016	4.34	(62.0 %)	2.85	394.2 %	59.07	666.2 %	1.97
2016	22.14	(52.4 %)	9.67	853.3 %	58.56	5669.5 %	1.95
Q1 2017	4.83	(40.2 %)	2.46	332.1 %	0.21	(99.8 %)	0.01
Q2 2017	4.37	(21.6 %)	2.48	(25.2 %)	0.71	(76.7 %)	0.02
Q3 2017	4.65	12.2 %	2.56	(12.8 %)	1.48	5.6 %	0.05
Q4 2017	4.02	(7.6 %)	2.46	(13.8 %)	0.96	(98.4 %)	0.03
2017	17.86	(19.3 %)	9.96	3.0 %	3.34	(94.3 %)	0.11
Q1 2018	2.97	(38.5 %)	2.53	2.7 %	0.29	42.7 %	0.01
Q2 2018	2.97	(32.0 %)	2.55	2.9 %	0.98	37.9 %	0.03
Q3 2018	3.24	(30.3 %)	2.80	9.5 %	1.25	(15.3 %)	0.04
Q4 2018	2.97	(26.0 %)	2.54	3.5 %	(10.23)	(1170.0 %)	(0.34)
2018	12.16	(31.9 %)	10.42	4.6 %	(7.71)	(330.6 %)	(0.26)
Q1 2019	2.92	(1.6 %)	2.53	0.0 %	9.36	3082.7 %	0.31

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	84.28	(4.7 %)	(1.62)	(128.3 %)	(6.95)	(2489.0 %)	(0.23)
2010	80.89	(4.0 %)	(12.77)	(688.3 %)	(17.66)	(154.0 %)	(0.59)
2011	63.26	(21.8 %)	(7.64)	40.2 %	(16.06)	9.0 %	(0.54)
2012	71.73	13.4 %	(6.82)	10.7 %	(7.52)	53.2 %	(0.25)
2013	69.99	(2.4 %)	(1.39)	79.6 %	(12.28)	(63.3 %)	(0.41)
2014	53.22	(24.0 %)	(1.39)	0.2 %	(15.04)	(22.5 %)	(0.50)
2015	46.54	(12.5 %)	(1.28)	7.4 %	1.02	106.7 %	0.03
2016	22.14	(52.4 %)	9.67	853.3 %	58.56	5669.5 %	1.95
2017	17.86	(19.3 %)	9.96	3.0 %	3.34	(94.3 %)	0.11
2018	12.16	(31.9 %)	10.42	4.6 %	(7.71)	(330.6 %)	(0.26)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	(6.35 %)	4.78 %	(7.96 %)
Q2 2010	(14.90 %)	(4.35 %)	(17.63 %)
Q3 2010	(15.75 %)	(5.30 %)	(19.10 %)
Q4 2010	(15.79 %)	(9.22 %)	(21.83 %)
2010	(15.79 %)	(9.22 %)	(21.83 %)
Q1 2011	(15.18 %)	(9.46 %)	(26.18 %)
Q2 2011	(3.39 %)	2.00 %	(15.11 %)
Q3 2011	(7.38 %)	(2.30 %)	(19.25 %)
Q4 2011	(12.08 %)	(2.58 %)	(25.39 %)
2011	(12.08 %)	(2.58 %)	(25.39 %)
Q1 2012	(8.35 %)	(6.03 %)	(4.22 %)
Q2 2012	(11.41 %)	(9.77 %)	(1.64 %)
Q3 2012	(7.53 %)	(5.62 %)	0.33 %
Q4 2012	(9.51 %)	(10.79 %)	(37.87 %)
2012	(9.51 %)	(10.79 %)	(37.87 %)
Q1 2013	(10.64 %)	(7.38 %)	(52.82 %)
Q2 2013	(5.19 %)	(11.88 %)	(53.46 %)
Q3 2013	(5.10 %)	3.87 %	(53.45 %)
Q4 2013	(1.99 %)	11.04 %	(17.39 %)
2013	(1.99 %)	11.04 %	(17.39 %)
Q1 2014	(6.33 %)	16.52 %	(27.55 %)
Q2 2014	(6.76 %)	25.77 %	(24.11 %)
Q3 2014	(5.76 %)	10.24 %	(23.65 %)
Q4 2014	(2.52 %)	17.02 %	(22.40 %)
2014	(2.61 %)	11.28 %	(28.26 %)
Q1 2015	2.18 %	24.87 %	(14.41 %)
Q2 2015	0.79 %	26.29 %	(19.84 %)
Q3 2015	(3.40 %)	22.35 %	(26.44 %)
Q4 2015	(2.76 %)	16.99 %	(27.48 %)
2015	(2.76 %)	16.99 %	(27.47 %)
Q1 2016	0.14 %	13.75 %	(28.08 %)
Q2 2016	3.05 %	10.46 %	(32.48 %)
Q3 2016	20.03 %	18.22 %	(23.05 %)
Q4 2016	43.69 %	26.23 %	263.65 %
2016	43.69 %	26.23 %	(189.20 %)
Q1 2017	61.23 %	35.02 %	327.27 %
Q2 2017	60.66 %	30.70 %	346.70 %
Q3 2017	56.90 %	27.81 %	337.49 %
Q4 2017	55.75 %	34.02 %	18.72 %
2017	55.78 %	34.02 %	18.72 %
Q1 2018	62.64 %	41.04 %	21.45 %
Q2 2018	69.12 %	50.94 %	25.33 %
Q3 2018	78.32 %	61.57 %	26.32 %
Q4 2018	85.74 %	(31.67 %)	(63.43 %)
2018	85.72 %	(31.67 %)	(63.42 %)
Q1 2019	86.08 %	33.51 %	11.17 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	(1.92 %)	7.57 %	(8.25 %)
2010	(15.79 %)	(9.22 %)	(21.83 %)
2011	(12.08 %)	(2.58 %)	(25.39 %)
2012	(9.51 %)	(10.79 %)	(37.87 %)
2013	(1.99 %)	11.04 %	(17.39 %)
2014	(2.61 %)	11.28 %	(28.26 %)
2015	(2.76 %)	16.99 %	(27.47 %)
2016	43.69 %	26.23 %	(189.20 %)
2017	55.78 %	34.02 %	18.72 %
2018	85.72 %	(31.67 %)	(63.42 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	(16.85 %)	(25.07 %)	9.34 %
Q2 2010	(50.53 %)	(17.53 %)	(63.98 %)
Q3 2010	(0.94 %)	6.47 %	(11.97 %)
Q4 2010	(6.94 %)	(8.30 %)	(20.96 %)
Q1 2011	(13.21 %)	(28.03 %)	(14.38 %)
Q2 2011	6.86 %	35.94 %	(9.66 %)
Q3 2011	(16.27 %)	(10.03 %)	(27.88 %)
Q4 2011	(32.20 %)	(19.20 %)	(57.53 %)
Q1 2012	5.99 %	(48.04 %)	96.21 %
Q2 2012	(5.32 %)	16.77 %	(0.75 %)
Q3 2012	(4.25 %)	2.59 %	(20.75 %)
Q4 2012	(34.06 %)	(38.53 %)	(212.40 %)
Q1 2013	(4.59 %)	(19.80 %)	(16.17 %)
Q2 2013	15.98 %	1.06 %	0.23 %
Q3 2013	(3.74 %)	67.11 %	(15.31 %)
Q4 2013	(27.13 %)	(11.96 %)	(55.18 %)
Q1 2014	(36.49 %)	(20.32 %)	(82.11 %)
Q2 2014	14.96 %	28.15 %	10.65 %
Q3 2014	0.76 %	21.03 %	(11.22 %)
Q4 2014	(12.83 %)	22.50 %	(54.26 %)
Q1 2015	(9.57 %)	26.54 %	(36.56 %)
Q2 2015	15.76 %	34.20 %	3.29 %
Q3 2015	(13.74 %)	6.52 %	(32.61 %)
Q4 2015	(8.46 %)	0.68 %	(53.25 %)
Q1 2016	7.05 %	7.96 %	(40.13 %)
Q2 2016	59.54 %	43.26 %	21.54 %
Q3 2016	70.96 %	53.03 %	33.75 %
Q4 2016	65.56 %	12.87 %	1,358.38 %
Q1 2017	50.96 %	30.00 %	4.26 %
Q2 2017	56.75 %	28.03 %	16.18 %
Q3 2017	55.11 %	39.29 %	31.75 %
Q4 2017	61.15 %	39.28 %	23.81 %
Q1 2018	85.07 %	65.29 %	9.89 %
Q2 2018	85.81 %	70.53 %	32.80 %
Q3 2018	86.53 %	77.58 %	38.57 %
Q4 2018	85.47 %	(349.82 %)	(344.06 %)
Q1 2019	86.46 %	336.80 %	320.01 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	30.00	(0.19)	(0.19)	13.33
Q2 2010	30.00	(0.43)	(0.43)	12.99
Q3 2010	30.00	(0.46)	(0.46)	12.90
Q4 2010	30.00	(0.59)	(0.59)	12.70
Q1 2011	30.00	(0.70)	(0.70)	12.63
Q2 2011	30.00	(0.41)	(0.41)	12.58
Q3 2011	30.00	(0.52)	(0.52)	12.38
Q4 2011	30.00	(0.54)	(0.54)	12.16
Q1 2012	30.00	(0.23)	(0.09)	12.65
Q2 2012	30.00	(0.18)	(0.04)	12.47
Q3 2012	30.00	(0.06)	0.01	12.35
Q4 2012	30.00	(0.25)	(0.91)	11.92
Q1 2013	30.00	(0.60)	(1.40)	11.80
Q2 2013	30.00	(0.59)	(1.39)	11.80
Q3 2013	30.00	(0.61)	(1.33)	11.71
Q4 2013	30.00	(0.41)	(0.41)	11.50
Q1 2014	30.00	(0.55)	(0.54)	11.26
Q2 2014	30.00	(0.48)	(0.48)	11.33
Q3 2014	30.00	(0.44)	(0.43)	11.27
Q4 2014	30.00	(0.40)	(0.40)	11.00
Q1 2015	30.00	(0.25)	(0.25)	10.90
Q2 2015	30.00	(0.31)	(0.31)	10.92
Q3 2015	30.00	(0.39)	(0.39)	10.78
Q4 2015	30.00	0.03	(0.43)	11.03
Q1 2016	30.00	3.31	(0.44)	11.86
Q2 2016	30.00	3.40	(0.41)	11.90
Q3 2016	30.00	3.58	(0.22)	11.91
Q4 2016	30.00	5.29	1.95	10.72
Q1 2017	30.00	2.12	2.06	10.72
Q2 2017	30.00	2.05	2.04	10.74
Q3 2017	30.00	2.05	2.05	10.54
Q4 2017	30.00	0.11	0.11	10.58
Q1 2018	30.00	0.11	0.11	10.59
Q2 2018	30.00	0.12	0.12	10.62
Q3 2018	30.00	0.12	0.12	10.66
Q4 2018	30.00	(0.26)	(0.26)	10.33
Q1 2019	30.00	0.05	0.05	10.64

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	30.00	(0.23)	(0.23)	13.28
2010	30.00	(0.59)	(0.59)	12.70
2011	30.00	(0.54)	(0.54)	12.16
2012	30.00	(0.25)	(0.91)	11.92
2013	30.00	(0.41)	(0.41)	11.50
2014	30.00	(0.50)	(0.50)	11.00
2015	30.00	0.03	(0.43)	11.03
2016	30.00	1.95	(1.40)	10.72
2017	30.00	0.11	0.11	10.58
2018	30.00	(0.26)	(0.26)	10.33

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	NEG	NEG	1.24
Q2 2010	NEG	NEG	1.08
Q3 2010	NEG	NEG	1.13
Q4 2010	NEG	NEG	1.19
Q1 2011	NEG	NEG	1.35
Q2 2011	NEG	NEG	1.38
Q3 2011	NEG	NEG	1.31
Q4 2011	NEG	NEG	3.06
Q1 2012	NEG	NEG	3.85
Q2 2012	NEG	NEG	2.31
Q3 2012	NEG	More than 100	2.15
Q4 2012	NEG	NEG	1.97
Q1 2013	NEG	NEG	2.01
Q2 2013	NEG	NEG	1.85
Q3 2013	NEG	NEG	2.01
Q4 2013	NEG	NEG	2.62
Q1 2014	NEG	NEG	2.52
Q2 2014	NEG	NEG	2.28
Q3 2014	NEG	NEG	2.55
Q4 2014	NEG	NEG	1.76
Q1 2015	NEG	NEG	2.11
Q2 2015	NEG	NEG	2.25
Q3 2015	NEG	NEG	1.81
Q4 2015	More than 100	NEG	2.03
Q1 2016	5.05	NEG	1.41
Q2 2016	4.88	NEG	1.39
Q3 2016	3.72	NEG	1.12
Q4 2016	2.95	8.02	1.46
Q1 2017	6.53	6.73	1.29
Q2 2017	6.43	6.43	1.22
Q3 2017	6.55	6.55	1.27
Q4 2017	More than 100	More than 100	1.21
Q1 2018	More than 100	More than 100	1.21
Q2 2018	99.73	99.73	1.16
Q3 2018	91.36	91.36	0.99
Q4 2018	NEG	NEG	1.05
Q1 2019	More than 100	More than 100	1.12

Period	P/E	Adjusted P/E	Price/book
2009	NEG	NEG	1.29
2010	NEG	NEG	1.19
2011	NEG	NEG	3.06
2012	NEG	NEG	1.97
2013	NEG	NEG	2.62
2014	NEG	NEG	1.76
2015	More than 100	NEG	2.03
2016	7.99	NEG	1.46
2017	More than 100	More than 100	1.21
2018	NEG	NEG	1.05

Business Segments (Million)

Compared With The

Period	Agri Sector- Shri Project	Agri Sector- Jouf Project	Poultry Project	Dates Factory	Dairy sector	Agricultural Activity
Q1 2013	11.09	2.87	2.50	3.17	-	-
Q2 2013	10.14	4.29	2.50	3.34	-	-
Q3 2013	10.67	4.13	2.50	1.67	-	-
Q4 2013	5.75	1.28	2.50	1.60	-	-
Q1 2014	3.60	0.70	2.50	2.14	-	-
Q2 2014	8.49	4.72	2.50	4.35	-	-
Q3 2014	7.03	4.23	2.50	1.18	-	-
Q4 2014	2.69	2.34	2.50	1.75	-	-
Q1 2015	2.33	0.74	2.50	2.57	-	-
Q2 2015	5.54	3.33	2.50	2.76	-	-
Q3 2015	7.24	2.10	2.50	0.99	-	-
Q4 2015	1.47	5.23	3.89	0.72	-	-
Q1 2016	3.45	0.48	2.50	1.72	-	-
Q2 2016	1.24	-	2.50	2.04	-	-
Q3 2016	1.60	-	1.60	0.65	-	-
Q4 2016	1.39	-	1.21	0.84	-	-
Q1 2017	1.30	-	1.72	1.81	-	-
Q2 2017	1.29	-	1.72	1.35	-	-
Q3 2017	1.53	-	1.72	1.40	-	-
Q4 2017	1.30	-	1.72	1.00	-	-
Q2 2018	1.29	-	1.69	0.91	-	-
Q3 2018	1.55	-	1.69	0.08	-	-
Q4 2018	1.29	-	1.69	-	-	-
Q1 2019	1.28	-	1.65	-	-	-

Period	Agri Sector- Shri Project	Agri Sector- Jouf Project	Poultry Project	Dates Factory	Dairy sector	Agricultural Activity
2009	29.72	25.57	17.22	10.28	1.50	-
2010	25.69	25.92	19.05	10.23	-	-
2011	17.64	17.77	17.04	10.80	-	-
2012	38.20	21.20	7.42	4.91	-	-
2013	37.65	12.57	10.00	9.77	-	-
2014	21.81	11.99	10.00	9.41	-	-
2015	16.71	11.41	11.39	7.04	-	-
2016	7.68	0.48	8.71	5.26	-	-
2017	5.41	-	6.90	5.55	-	-
2018	5.41	-	6.74	-	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	490.20
Enterprise Value (EV) (M)	434.09
Shares Outstanding ((M))	30.00
EPS ( Riyal) (TTM)	(0.30)
Book Value (BV) ( Riyal)	9.82
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.66
Return on Average Assets (%) (TTM)	(2.05 )
Return on Average Equity (%) (TTM)	(3.00 )

Al Gassim Investment Holding Co. (GACO)

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Al Gassim profit surges to SAR 9 mln in Q1 2019

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q1

Financial Ratios

Share Price

Al Gassim Investment Holding Co. (GACO)

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Al Gassim profit surges to SAR 9 mln in Q1 2019

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Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q1 2019

Revenue by Business Segment (Latest) 2019 Q1

Financial Ratios

Share Price

Al Gassim Investment Holding Co. (GACO)

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Business Segments (Million)