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Al Gassim Investment Holding Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,601,498 | 2,663,331 | -2.32 | 2,601,498 | - |
| Gross Profit (Loss) | 2,231,564 | 2,235,614 | -0.18 | 2,236,875 | -0.24 |
| Operational Profit (Loss) | 443,172 | -142,970 | - | -77,850 | - |
| Net Profit (Loss) after Zakat and Tax | 889,835 | -362,937 | - | 508,670 | 74.93 |
| Total Comprehensive Income | 889,835 | -362,937 | - | 508,670 | 74.93 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 5,202,996 | 5,326,662 | -2.32 |
| Gross Profit (Loss) | 4,468,439 | 4,457,868 | 0.24 |
| Operational Profit (Loss) | 365,322 | -863,114 | - |
| Net Profit (Loss) after Zakat and Tax | 1,398,505 | -881,581 | - |
| Total Comprehensive Income | 1,398,505 | -881,581 | - |
| Total Share Holders Equity (after Deducting Minority Equity) | 304,563,063 | 295,013,952 | 3.24 |
| Profit (Loss) per Share | 0.05 | -0.03 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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 net profit during the current quarter compared to a net loss during the same quarter of the previous year to the increase in dividends from financial assets at fair value plus other income during the current quarter and also decrease in general and administrative expenses and decrease in expected credit losses provision despite of decrease in revenu during the current quarter |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is | The reason for the increase in net profit during the current quarter compared to the previous quarter to decrease in general and administrative expenses and decrease inexpected credit losses provision and achieving distributed dividends from financial assets at fair value in addition increase in other revenues , despite of decrease in revenue and non-realization of profits from the sale of property and machinery equipment during the current quarter. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The reason for achieving net profit during the current period compared to a net loss during the same period of the previos year to increase in other revenues and also decrease in general and administrative expenses and expected credit loss provision, despite decrease in revenues and zakat provision component during the current period. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | We draw attention to Clarification No. 12, which indicates the existence of a lawsuit filed by the company against the branch of the Ministry of Environment, Water and Agriculture (“the Ministry’s branch”) in AL Qassim region, which relates to a request to cancel the negative decision represented by the Ministry’s branch’s refusal to raise a request for the company to own the entire area Which she revived from the land given to her. Where an approval was issued from the High Commissioner for the company to own an area of only 74 million square meters out of the total land area of 116 million square meters. Noting that when the company assumes the loss of the lawsuit, it will materially affect the company due to the connection of the disputed land with the lease revenue contracts concluded by the company with third parties, which represents its main source of income, and the expected losses can only be determined upon the final settlement of that lawsuit. Our conclusion has not been 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 for the years ending on 31 December 2022 and 31 December 2021 and the statement of profit or loss have been amended as on 30 June 2022 as a result of recalculation of finance lease and installment sale contracts (Note No. 11 in the condensed interim financial statements on June 30, 2023) |
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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