Al Gassim Investment Holding Co. (GACO) reported a net profit after Zakat and tax of SAR 711,000 for Q1 2020, a decrease of 92% year-on-year (YoY), compared to SAR 9.4 million a year earlier.
The profit slump was attributed to recording revenue from changes in the fair value of investments during Q1 2019. The company also reported higher administrative expenses and Zakat provision during Q1 2020.
GACO turned to profit from a net loss of SAR 30 million in Q4 2019, as the company incurred impairment losses from investment real estate, and allocated provisions for legal settlements in the previous quarter.
Total shareholders’ equity, without minority interest, dropped to SAR 295.89 million in Q1 2020, from SAR 319.22 million a year earlier.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 2.92 | 2.87 | (1.7 %) |
| Gross Income | 2.53 | 2.48 | (1.8 %) |
| Operating Income | 9.47 | 0.87 | (90.8 %) |
| Net Income | 9.36 | 0.71 | (92.4 %) |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | 0.31 | 0.02 | (92.4 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 2.92 | 2.87 | (1.7 %) |
| Gross Income | 2.54 | 2.48 | (2.2 %) |
| Operating Income | (42.04) | 0.87 | 102.1 % |
| Net Income | (30.18) | 0.71 | 102.4 % |
| Average Shares | 30.00 | 30.00 | - |
| EPS (Riyals) | (1.01) | 0.02 | 102.4 % |
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