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Al Gassim Investment Holding swings to profit in Q3

Al Gassim Investment Holding Co. said its third-quarter normalized net income came to 158,970 riyals, compared with a loss of 2.4 million riyals in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 23.7% from negative 18.7% in the year-earlier period.

Total revenue decreased 66.1% on an annual basis to 4.4 million riyals from 12.8 million riyals, and total operating expenses declined 75.0% from the prior-year period to 4.2 million riyals from 16.7 million riyals.

Reported net income totaled 80,340 riyals, or 0 halalas per share, compared to a loss of 4.2 million riyals, or a loss of 8 halalas per share, in the prior-year period.

As of Oct. 25, US$1 was equivalent to 3.75 Saudi Arabian riyals.