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) 0.05 224.9 %
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) 0.08 1343.3 %
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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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2015 8.14 (8.9 %) (0.78) 76.1 % (2.80) 61.2 %
Q2 2015 14.13 (29.6 %) 2.23 (25.8 %) (0.14) (149.6 %)
Q3 2015 12.83 (14.1 %) (1.76) (1660.2 %) (4.18) (93.7 %)
Q4 2015 11.44 23.2 % (0.97) 18.8 % (4.45) (48.2 %)
Q1 2016 8.08 (0.7 %) 0.57 173.2 % (1.95) 30.2 %
Q2 2016 5.57 (60.6 %) 3.32 49.0 % 1.33 1069.3 %
Q3 2016 4.14 (67.7 %) 2.94 266.6 % 1.27 130.4 %
Q4 2016 4.34 (62.0 %) 2.85 394.2 % (0.24) 94.6 %
Q1 2017 4.83 (40.2 %) 2.46 332.1 % 0.82 142.1 %
Q2 2017 4.37 (21.6 %) 2.48 (25.2 %) 0.58 (56.5 %)
Q3 2017 4.65 12.2 % 2.56 (12.8 %) 1.17 (7.7 %)
Q4 2017 4.02 (7.6 %) 2.46 (13.8 %) 0.93 485.5 %
Q1 2018 2.97 (38.5 %) 2.53 2.7 % 1.31 59.4 %
Q2 2018 2.97 (32.0 %) 2.55 2.9 % 1.46 152.9 %
Q3 2018 3.24 (30.3 %) 2.80 9.5 % 1.87 59.6 %
Q4 2018 2.97 (26.0 %) 2.54 3.5 % (10.79) (1261.2 %)
Q1 2019 2.92 (1.6 %) 2.53 0.0 % 9.47 622.9 %
Q2 2019 2.92 (1.6 %) 2.46 (3.8 %) 1.50 2.3 %
Q3 2019 3.22 (0.4 %) 2.77 (1.2 %) 1.39 (25.5 %)
Q4 2019 2.92 (1.6 %) 2.54 (0.1 %) (42.04) (289.7 %)
Q1 2020 2.87 (1.7 %) 2.48 (1.8 %) 0.87 (90.8 %)
Q2 2020 2.87 (1.7 %) 2.46 0.1 % 1.40 (6.7 %)
Q3 2020 2.96 (8.3 %) 2.56 (7.6 %) 1.57 12.6 %
Q4 2020 2.96 1.1 % 2.41 (5.1 %) (7.70) 81.7 %
Q1 2021 2.82 (2.0 %) 2.36 (4.8 %) (0.25) (128.9 %)
Q2 2021 2.82 (1.9 %) 2.38 (3.2 %) (0.19) (113.6 %)
Q3 2021 2.92 (1.3 %) 2.48 (3.1 %) 0.38 (75.8 %)
Q4 2021 2.82 (4.6 %) 2.36 (2.1 %) 7.72 200.2 %
Q1 2022 2.66 (5.4 %) 2.22 (5.9 %) (0.72) (186.9 %)
Q2 2022 2.66 (5.5 %) 2.24 (6.0 %) (0.14) 24.7 %
Q3 2022 2.87 (1.6 %) 2.45 (1.3 %) 0.24 (37.1 %)
Q4 2022 2.66 (5.5 %) 2.24 (5.1 %) 15.38 99.3 %
Q1 2023 2.60 (2.3 %) 2.24 0.7 % (0.08) 89.2 %
Q2 2023 2.60 (2.3 %) 2.23 (0.2 %) 0.44 409.9 %
Q3 2023 2.66 (7.3 %) 2.29 (6.3 %) 0.21 (13.1 %)
Q4 2023 2.60 (2.3 %) 2.19 (2.0 %) (2.32) (115.1 %)
Q1 2024 2.51 (3.4 %) 2.14 (4.2 %) (0.40) (413.0 %)
Q2 2024 2.51 (3.4 %) 2.15 (3.5 %) (0.03) (107.0 %)
Q3 2024 2.51 (5.6 %) 2.13 (7.0 %) (1.00) (580.7 %)
Q4 2024 2.51 (3.4 %) 2.06 (6.2 %) 2.74 218.0 %
2024 10.05 (4.0 %) 8.49 (5.2 %) 1.31 178.2 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
Q1 2015 (2.98) 59.5 % (0.10) - (2.98) (0.10)
Q2 2015 0.47 (78.2 %) 0.02 - 0.47 0.02
Q3 2015 (4.18) (149.6 %) (0.14) - (4.18) (0.14)
Q4 2015 7.71 253.0 % 0.26 13.80 (6.09) (0.20)
Q1 2016 95.31 3301.5 % 3.18 98.55 (3.24) (0.11)
Q2 2016 3.03 551.6 % 0.10 1.83 1.20 0.04
Q3 2016 1.40 133.4 % 0.05 - 1.40 0.05
Q4 2016 59.07 666.2 % 1.97 0.06 59.01 1.97
Q1 2017 0.21 (99.8 %) 0.01 - 0.21 0.01
Q2 2017 0.71 (76.7 %) 0.02 - 0.71 0.02
Q3 2017 1.48 5.6 % 0.05 - 1.48 0.05
Q4 2017 0.96 (98.4 %) 0.03 - 0.96 0.03
Q1 2018 0.29 42.7 % 0.01 - 0.29 0.01
Q2 2018 0.98 37.9 % 0.03 - 0.98 0.03
Q3 2018 1.25 (15.3 %) 0.04 - 1.25 0.04
Q4 2018 (10.23) (1170.0 %) (0.34) - (10.23) (0.34)
Q1 2019 9.36 3082.7 % 0.31 - 9.36 0.31
Q2 2019 1.46 49.5 % 0.05 - 1.46 0.05
Q3 2019 4.71 277.3 % 0.16 - 4.71 0.16
Q4 2019 (30.18) (195.0 %) (1.01) 2.58 (32.75) (1.09)
Q1 2020 0.71 (92.4 %) 0.02 - 0.71 0.02
Q2 2020 0.54 (63.3 %) 0.02 - 0.54 0.02
Q3 2020 (0.28) (106.0 %) (0.01) - (0.28) (0.01)
Q4 2020 (6.09) 79.8 % (0.20) - (6.09) (0.20)
Q1 2021 (0.02) (103.4 %) 0.00 - (0.02) 0.00
Q2 2021 (0.29) (154.8 %) (0.01) - (0.29) (0.01)
Q3 2021 (0.05) 81.6 % 0.00 - (0.05) 0.00
Q4 2021 1.46 124.0 % 0.05 - 1.46 0.05
Q1 2022 (0.52) (2,060.8 %) (0.02) - (0.52) (0.02)
Q2 2022 (0.36) (23.9 %) (0.01) - (0.36) (0.01)
Q3 2022 (0.01) 74.0 % 0.00 - (0.01) 0.00
Q4 2022 7.94 444.5 % 0.26 (6.42) 14.37 0.48
Q1 2023 0.51 198.1 % 0.02 - 0.51 0.02
Q2 2023 0.89 345.2 % 0.03 - 0.89 0.03
Q3 2023 (2.45) (18,035.6 %) (0.08) - (2.45) (0.08)
Q4 2023 (5.66) (171.3 %) (0.19) (5.47) (0.20) (0.01)
Q1 2024 (1.76) (445.4 %) (0.06) (1.27) (0.49) (0.02)
Q2 2024 (1.83) (306.0 %) (0.06) (1.27) (0.57) (0.02)
Q3 2024 (1.09) 55.6 % (0.04) (1.27) 0.18 0.01
Q4 2024 14.92 363.3 % 0.50 12.48 2.43 0.08
2024 10.24 252.5 % 0.34 8.68 1.56 0.05

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
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 %)
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 %
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 %
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 %)
Q1 2019 86.08 % 33.51 % 11.17 %
Q2 2019 85.63 % 31.83 % 15.22 %
Q3 2019 85.45 % 25.77 % 43.99 %
Q4 2019 85.77 % (234.69 %) (143.60 %)
Q1 2020 85.75 % (307.67 %) (216.59 %)
Q2 2020 86.14 % (305.63 %) (225.28 %)
Q3 2020 86.32 % (308.93 %) (273.44 %)
Q4 2020 84.97 % (11.25 %) (43.98 %)
Q1 2021 84.36 % (18.78 %) (50.53 %)
Q2 2021 84.07 % (34.67 %) (57.94 %)
Q3 2021 83.65 % (45.07 %) (56.13 %)
Q4 2021 84.22 % 89.96 % 9.58 %
Q1 2022 84.11 % 86.91 % 5.31 %
Q2 2022 84.00 % 88.40 % 4.75 %
Q3 2022 84.07 % 87.17 % 5.12 %
Q4 2022 84.16 % 158.64 % 124.06 %
Q1 2023 84.79 % 164.86 % 134.28 %
Q2 2023 85.24 % 170.53 % 146.72 %
Q3 2023 85.48 % 173.04 % 126.52 %
Q4 2023 85.56 % 4.16 % (11.90 %)
2023 85.54 % 4.83 % (11.90 %)
Q1 2024 85.40 % 0.26 % (21.64 %)
Q2 2024 85.37 % (5.10 %) (35.98 %)
Q3 2024 85.04 % (17.81 %) (10.60 %)
Q4 2024 84.44 % 31.89 % 15.49 %
2024 84.46 % 31.90 % 15.49 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q2 2019 30.00 0.06 0.06 10.69
Q3 2019 30.00 0.18 0.18 10.85
Q4 2019 30.00 (0.49) (0.57) 9.84
Q1 2020 30.00 (0.78) (0.86) 9.86
Q2 2020 30.00 (0.81) (0.89) 9.90
Q3 2020 30.00 (0.97) (1.06) 9.90
Q4 2020 30.00 (0.17) (0.17) 9.62
Q1 2021 30.00 (0.20) (0.20) 9.62
Q2 2021 30.00 (0.22) (0.22) 9.61
Q3 2021 30.00 (0.22) (0.22) 9.61
Q4 2021 30.00 0.04 0.04 9.66
Q1 2022 30.00 0.02 0.02 9.65
Q2 2022 30.00 0.02 0.02 9.83
Q3 2022 30.00 0.02 0.02 9.83
Q4 2022 30.00 0.23 0.45 10.11
Q1 2023 30.00 0.27 0.48 10.12
Q2 2023 30.00 0.31 0.53 10.15
Q3 2023 30.00 0.23 0.44 10.07
Q4 2023 30.00 (0.22) (0.04) 9.88
Q1 2024 30.00 (0.30) (0.07) 9.82
Q2 2024 30.00 (0.39) (0.12) 9.76
Q3 2024 30.00 (0.34) (0.04) 9.72
Q4 2024 30.00 0.34 0.05 10.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q2 2019 More than 100 More than 100 1.12
Q3 2019 59.22 59.22 0.96
Q4 2019 NEG NEG 1.13
Q1 2020 NEG NEG 0.92
Q2 2020 NEG NEG 1.32
Q3 2020 NEG NEG 2.11
Q4 2020 NEG NEG 2.01
Q1 2021 NEG NEG 2.90
Q2 2021 NEG NEG 3.36
Q3 2021 NEG NEG 3.10
Q4 2021 More than 100 More than 100 2.45
Q1 2022 More than 100 More than 100 2.35
Q2 2022 More than 100 More than 100 2.17
Q3 2022 More than 100 More than 100 2.44
Q4 2022 80.01 41.86 1.86
Q1 2023 96.57 53.79 2.57
Q2 2023 80.26 47.53 2.46
Q3 2023 81.89 42.39 1.87
Q4 2023 NEG NEG 1.82
Q1 2024 NEG NEG 1.81
Q2 2024 NEG NEG 1.68
Q3 2024 NEG NEG 2.06
Q4 2024 54.44 More than 100 1.82

Business Segments (Million)

Compared With The
Period Agri Sector- Shri Project Agri Sector- Jouf Project Poultry Project Dates Factory Dairy sector Agricultural Activity
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 - - -
Q2 2019 1.28 - 1.65 - - -
Q3 2019 1.58 - 1.65 - - -
Q4 2019 1.28 - 1.65 - - -
Q1 2020 1.27 - 1.60 - - -


Financial Ratios
Current
Market Cap (M Riyal) 413.40
Enterprise Value (EV) (M Riyal) 307.14
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 0.14
Book Value (BV) ( Riyal) 10.35
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) 99.09
Price/book 1.33
Return on Average Assets (%) (TTM) 1.0
Return on Average Equity (%) (TTM) 1.4
EV/adj EBITDA (913.82)
EV/Revenues 33.03
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Share Price

Al Gassim Investment Holding Co.
13.77
(0.02) (0.15 %)

Al Gassim Investment Holding Co. (GACO)

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