GACO

19 May, 2024 09:19

Al Gassim Investment Holding Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 2,511,5732,601,498-3.4562,601,498-3.456
Gross Profit (Loss) 2,144,1182,236,875-4.1462,193,116-2.234
Operational Profit (Loss) -399,588-77,850413.279-2,322,072-82.791
Net profit (Loss) -1,756,888508,671--5,663,555-68.979
Total Comprehensive Income -1,756,888508,671--5,754,402-69.468
All figures are in (Actual) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 294,603,512303,673,229-2.986
Profit (Loss) per Share -0.0590.017
All figures are in (Actual) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses -1.8-5,396,488
All figures are in (Actual) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is Decrease in financing income from lease contracts due to their nature, which decreases from year to year, in addition to the decline in the rental value of the dates grove.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for achieving a loss for the current quarter is mainly due to the increase in the value of the zakat provision made during the current period, and the increase in general and administrative expenses compared to the same quarter of the previous year, despite recording dividends from financial assets at fair value through profit or loss during the current period. It was not present in the same quarter of the previous year.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is Decrease in financing income from lease contracts due to their nature, which decreases from year to year, in addition to the decline in the rental value of the dates grove.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason for the decrease in loss during the current quarter is mainly due to recording impairment losses in the value of investment properties during the previous quarter (not present in the current quarter), and to the decrease in the zakat provision made during the current quarter compared to the previous quarter.
Statement of the type of external auditor's report Unmodified conclusion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) We draw attention to Notes No. 14 which indicates the existence of a legal dispute between the company and the Branch of the Ministry of Environment, Water and Agriculture (the “Ministry’s Branch”) in Al Qassim region, relating to the request of cancelling the negative decision on refraining the Ministry’s Branch to submit a request to High Commissioner about the Company’s ownership of the entire area which has been renovated from the land handed over to the Company. Approval has been issued by the High Commissioner for the Company to own only 74 million square meters out of the total land area of 116 million square meters. Noting that in case the Company is presumed to lose the legal dispute, it will materially affect the Company due to the correlation of the disputed land with the lease revenue contracts that have been entered into by the Company with the other party, which represents the main source of the Company’s revenue. The expected losses can only be determined upon the final settlement of that legal dispute. Our conclusion is not modified in respect of this matter.
Reclassification of Comparison Items Certain comparative figures for the previous period have been reclassified to conform to the presentation used for the current period
Additional Information The financial statements have been amended for the period ending on March 31, 2023 (Note No. 13)

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