GACO turns to loss of SAR 3.6M in H1 2024; Q2 at SAR 1.8M

GACO turns to loss of SAR 3.6M in H1 2024; Q2 at SAR 1.8M

11/08/2024 Argaam Exclusive

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Al Gassim Investment Holding Co. (GACO) reported a net loss of SAR 3.6 million in H1 2024, against a profit of SAR 1.4 million a year earlier.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 5.20 5.02 (3.5 %)
Gross Income 4.47 4.30 (3.8 %)
Operating Income 0.37 (0.43) (217.9 %)
Net Income 1.40 (3.59) (356.7 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.05 (0.12) (356.7 %)

The losses were attributed to the increase in Zakat provision, general and administrative expenses, provision for expected credit losses, and the decrease in the value of financing revenues according to their nature. This came despite the increase in other revenues compared to the same period of the previous year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 2.60 2.51 (3.4 %)
Gross Income 2.23 2.15 (3.5 %)
Operating Income 0.44 (0.03) (107.0 %)
Net Income 0.89 (1.83) (306.0 %)
Average Shares 30.00 30.00 -
EPS (Riyals) 0.03 (0.06) (306.0 %)

The company reported a net loss of SAR 1.8 million in Q2 2024, against a profit of SAR 890,000 in Q2 2023.

 

Sequentially, GACO expanded losses from SAR 1.76 million in Q1 2024.

 

Shareholders’ equity, no minority interest, stood at SAR 292.77 million as of June 30, 2024, from SAR 304.56 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 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)

Profitability

Period Gross Margin OIBDA 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 %)
Q1 2024 85.40 % 0.26 % (21.64 %)
Q2 2024 85.37 % (5.10 %) (35.98 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted 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

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) 566.40
Enterprise Value (EV) (M) 517.15
Shares Outstanding ((M)) 30.00
EPS ( Riyal) (TTM) (0.34)
Book Value (BV) ( Riyal) 9.72
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.94
Return on Average Assets (%) (TTM) (2.39 )
Return on Average Equity (%) (TTM) (3.48 )
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Share Price

Al Gassim Investment Holding Co.
18.88
0.26 1.40 %

Al Gassim Investment Holding Co. (GACO)

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