‎“Al-Gassim Holding” returns to profits of SR36K in Q3‎

Al-Gassim Investment Holding Company recorded a net profit after zakat and tax of 36 thousand riyals during the third quarter, compared to a loss of 52 thousand riyals in the same quarter of last year. This came after the announcement today of the preliminary financial results for the period ending on September 30, 2022 (9 months).

The operational profit amounted to 288 thousand riyals in the third quarter, compared to 528 thousand riyals in the same quarter of the previous year, down 45%.

The gross profit amounted to 2.5 million riyals in the third quarter, compared to 2.47 million riyals in the same quarter of the previous year, a growth of 0.7%.

The reason for achieving a net profit during the current quarter compared to realizing a loss during the same quarter of the previous year is mainly due to the decrease in the value of the Zakat provision component and the decrease in general and administrative expenses during the current quarter, despite the increase in the value of the provision for expected credit losses formed during the current quarter compared to the same quarter of the previous year.

The reason for achieving a net profit during the current quarter compared to realizing a loss during the previous quarter is mainly due to the increase in revenues and the decrease in general and administrative expenses during the current quarter.

The reason for the increase in the loss of the current period is mainly due to the increase in the value of the provision for expected credit losses formed during the current period compared to the same period of the previous year, despite the decrease in the value of general and administrative expenses and the provision for zakat formed during the current period.