Al Gassim Investment Holding Co. (GACO) reported a net profit after Zakat and tax of SAR 1.7 million for the first half of 2020, an 84% year-on-year (YoY) decline, compared to SAR 10.8 million in the year-earlier period.
The decline in net profit was attributed to higher general and administrative expenses, higher estimated Zakat provision and impairment in commercial receivables. In addition, H1 2019 contained recognizing gain on the change in fair value of financial assets.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 5.85 | 5.75 | (1.8 %) |
| Gross Income | 4.98 | 4.94 | (0.9 %) |
| Operating Income | 10.97 | 2.27 | (79.3 %) |
| Net Income | 10.82 | 1.25 | (88.5 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.36 | 0.04 | (88.5 %) |
The company reported a net profit after Zakat and tax of SAR 1.46 million, a 30.2% YoY decline, compared to SAR 1.02 million in the same period a year earlier on higher estimated Zakat provision and impairment in commercial receivables.
On a quarterly basis, net profit grew 43% on lower general and administrative expenses.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 2.92 | 2.87 | (1.7 %) |
| Gross Income | 2.46 | 2.46 | 0.1 % |
| Operating Income | 1.50 | 1.40 | (6.7 %) |
| Net Income | 1.46 | 0.54 | (63.3 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.05 | 0.02 | (63.3 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 2.87 | 2.87 | - |
| Gross Income | 2.48 | 2.46 | (1.0 %) |
| Operating Income | 0.87 | 1.40 | 60.6 % |
| Net Income | 0.71 | 0.54 | (24.8 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.02 | 0.02 | (24.8 %) |
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