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Al Gassim Investment Holding Q4 loss narrows YOY

Al Gassim Investment Holding Co. said its fourth-quarter normalized net income was a loss of 6 halalas per share, compared with a loss of 9 halalas per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 2.8 million riyals, compared with a loss of 4.3 million riyals in the year-earlier period.

The normalized profit margin increased to negative 22.7% from negative 46.7% in the year-earlier period.

Total revenue grew 23.4% on an annual basis to 11.4 million riyals from 9.3 million riyals, and total operating expenses climbed 6.1% on an annual basis to 17.2 million riyals from 16.2 million riyals.

Reported net income came to 7.7 million riyals, or 15 halalas per share, compared to a loss of 8.2 million riyals, or a loss of 16 halalas per share, in the year-earlier period.

For the year, the company's normalized net income totaled a loss of 13 halalas per share, compared with a loss of 17 halalas per share in the prior year.

Normalized net income was a loss of 6.5 million riyals, compared with a loss of 8.3 million riyals in the prior year.

Full-year total revenue fell 12.5% from the prior-year period to 46.5 million riyals from 53.2 million riyals, and total operating expenses fell 15.0% year over year to 58.1 million riyals from 68.4 million riyals.

The company said reported net income totaled 1.0 million riyals, or 2 halalas per share, in the full year, compared with a loss of 15.0 million riyals, or a loss of 30 halalas per share, the prior year.

As of Feb. 29, US$1 was equivalent to 3.75 Saudi Arabian riyals.