Financial Results : GACO 9M 2025 losses at SAR 878,000; Q3 profit at SAR 2.4M

GACO 9M 2025 losses at SAR 878,000; Q3 profit at SAR 2.4M

29/10/2025 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) narrowed net loss to SAR 878,000 in the first nine months of 2025, compared to SAR 4.7 million in the same period a year earlier.



Financials (M)

Item 9m 2024 9m 2025 Change‬
Revenues 7.54 6.98 (7.4 %)
Gross Income 6.43 5.97 (7.1 %)
Operating Income (1.43) (0.95) 33.5 %
Net Income (4.68) (0.88) 81.2 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyals) (0.03) 0.03 188.9 %
EPS (Riyal) (0.16) (0.03) 81.2 %

Losses shrank as Zakat expenses decreased, along with the reversal of a Zakat provision related to previous years, and lower expected credit loss provision.

 

GACO also noted higher dividend income from financial assets measured at fair value through profit or loss.

 

On the other hand, the company recorded losses from the disposal of assets held for sale (not present in 9M 2024), lower operating revenues, and higher general and administrative expenses.



Current Quarter Comparison (M)

Compared With The
Item Q3 2024 Q3 2025 Change‬
Revenues 2.51 2.34 (6.7 %)
Gross Income 2.13 2.09 (2.0 %)
Operating Income (1.00) 0.02 102.0 %
Net Income (1.09) 2.45 325.2 %
Average Shares 30.00 30.00 -
Earnings Per Share before unusual items (Riyal) 0.01 0.02 256.5 %
EPS (Riyal) (0.04) 0.08 325.2 %

The company made a profit of SAR 2.4 million in Q3 2025, against a loss of SAR 1.1 million in Q3 2024.

 

Sequentially, GACO’s profit jumped from SAR 160,000 in Q2 2025.

 

Shareholders’ equity, no minority interest, stood at SAR 305.78 million as of Sept. 30, 2025, from SAR 291.68 million a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q1 2025 2.32 (7.7 %) 1.90 (11.6 %) (0.61) (52.5 %)
Q2 2025 2.32 (7.7 %) 1.99 (7.6 %) (0.36) (1,055.1 %)
Q3 2025 2.34 (6.7 %) 2.09 (2.0 %) 0.02 102.0 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
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 13.72 1.20 0.04
Q1 2025 (3.49) (98.4 %) (0.12) (3.47) (0.01) 0.00
Q2 2025 0.16 108.6 % 0.01 - 0.16 0.01
Q3 2025 2.45 325.2 % 0.08 1.81 0.64 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 % 3.19 %
2024 84.46 % 31.90 % 3.19 %
Q1 2025 83.58 % 30.42 % 8.09 %
Q2 2025 83.56 % 24.92 % 15.75 %
Q3 2025 84.59 % 33.28 % 20.86 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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 0.01 10.22
Q1 2025 30.00 0.28 0.03 10.11
Q2 2025 30.00 0.35 0.05 10.11
Q3 2025 30.00 0.47 0.07 10.19

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
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
Q1 2025 66.98 More than 100 1.88
Q2 2025 49.28 More than 100 1.71
Q3 2025 40.61 More than 100 1.86

Business Segments (Million)

Compared With The
Period Agri Sector- Shri Project Agri Sector- Jouf Project Poultry Project Dates Factory Dairy sector Agricultural Activity
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 - - -

Current
Market Cap (M Riyal) 489.30
Enterprise Value (EV) (M Riyal) 385.18
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) 0.47
Book Value (BV) ( Riyal) 10.19
Par Value ( Riyal) 10.00
Recurring P/E More than 100
P/E (TTM) 34.86
Price/book 1.60
Return on Average Assets (%) (TTM) 3.4
Return on Average Equity (%) (TTM) 4.7
EV/adj EBITDA 121.94
EV/Revenues 40.58

Share Price

Al Gassim Investment Holding Co. (GACO)


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