Financial Results : GACO posts SAR 10.2M profit in 2024, SAR 14.9M in Q4

GACO posts SAR 10.2M profit in 2024, SAR 14.9M in Q4

30/03/2025 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) swung to a net profit of SAR 10.2 million in 2024, versus a net loss of SAR 6.7 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 10.47 10.05 (4.0 %)
Gross Income 8.95 8.49 (5.2 %)
Operating Income (1.68) 1.31 178.2 %
Net Income (6.71) 10.24 252.5 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) (0.04) 0.01 125.7 %
EPS (Riyal) (0.22) 0.34 252.5 %

The profit-making was due to recording gains from land ownership resulting from a government grant. This is besides reversing the loss from the decrease in the value of real estate investments this year, compared to the loss recorded last year.

 

Additionally, there were capital gains from the disposal of investment properties that were not realized in the previous year, an increase in other revenues, and a lower Zakat provision made this year compared to the previous year.

 

However, the company’s 2024 top line retreated on an annual basis on the drop in financing income from lease contracts due to their nature, which decreases from year to year, in addition to the lower rental value of the dates grove.

 

In Q4 2024, GACO turned to a net profit of SAR 14.9 million from a net loss of SAR 5.66 million.

 

In Q3 2024, GACO incurred a net loss of SAR 1.09 million.



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 2.60 2.51 (3.4 %)
Gross Income 2.19 2.06 (6.2 %)
Operating Income (2.32) 2.74 218.0 %
Net Income (5.66) 14.92 363.3 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) (0.01) 0.04 712.4 %
EPS (Riyal) (0.19) 0.50 363.3 %

Total shareholders’ equity, no minority interest, rose to SAR 306.65 million as of Dec. 31, 2024, from SAR 296.36 million a year earlier.

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