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Al Gassim Investment Holding Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

6020
GACO
-0.73 %
1444/09/08     30/03/2023 08:03:05

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 11,059,88811,372,882-2.75
Gross Profit (Loss) 9,338,5829,577,160-2.49
Operational Profit (Loss) 14,735,3526,543,521125.19
Net Profit (Loss) after Zakat and Tax 7,247,2991,089,793565.02
Total Comprehensive Income 7,466,8921,110,861572.17
Total Share Holders Equity (after Deducting Minority Equity) 297,319,765289,852,8732.58
Profit (Loss) per Share 0.240.04
All figures are in (Actual) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is The main reason for the increase in profits during the current year compared to the previous year is due to the increase in the value of reimbursement of impairment losses in the value of investment properties and the decrease in the value of general and administrative expenses during the current year compared to the previous year, despite the presence of an increase in the value of the provisions formed, as well as the increase in the value of the zakat provision component during the current year, compared to the previous year
Statement of the type of external auditor's report Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We would like to draw attention to Note No. (32), where there is a case filed by the Company against the branch of the Ministry of Environment, Water and Agriculture in Al-Qassim Region. This case relates to a request to revoke the negative decision represented in the failure of the Ministry’s branch to present to His Royal Highness the Prime Minister a request to acquire the entire area by the Company it had reconstructed from the land handed over. An approval was issued by His Royal Highness the Prime Minister for the Company to acquire only 74 million square meters of the area it had reconstructed. The Company demands to present to His Royal Highness the Prime Minister a request to own the company the remainder of the area that it reconstructed from that land amounting to 116 million square meters. Note: If the case is assumed to be lost, it will materially affect the Company due to the connection of the disputed land to the lease contracts entered into by the Company, which represents the main source of revenue of the Company. Expected losses can only be determined upon the final determination of the case. On March 30, 2021, an interlocutory judgment was rendered by the Administrative Court in the Qassim Region in the case filed by the Qassim Holding Company for Investment against the Ministry of Environment, Water and Agriculture branch in the Qassim Region not to admit the case. Based on the opinion of the legal advisor of the Company, the reason for dismissing the case is due to the lack of jurisdiction of the Administrative Court in hearing the case and that the competent authority is a committee at the Ministry of Environment, Water and Agriculture. This will be evident to the Company upon receiving the preliminary judgment after two weeks. The Company will receive the judgment and object to it before the Administrative Appeal Court.

On 02/07/1444 AH, the Supreme Administrative Court asked the defendant to complete the data and documents within 30 days, and a date for the case with the Court of Appeal was set on 14/09/1444 AH. Our opinion has not been modified in respect of this matter.

Reclassification of Comparison Items Some divided figures for the previous year have been reclassified to be coped up with the figures of the current year

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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Key Parameters
Last Price 16.34
Net Change -0.12 (-0.73%)
Value Traded (Sar) 1,316,071.68
Volume Traded 80,274
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