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Al Gassim Investment Holding Q1 loss narrows YOY

Al Gassim Investment Holding Co. said its normalized net income for the first quarter came to a loss of 3 halalas per share, compared with a loss of 9 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 1.7 million riyals, compared with a loss of 4.5 million riyals in the year-earlier period.

The normalized profit margin climbed to negative 21.6% from negative 50.2% in the year-earlier period.

Total revenue fell 8.9% year over year to 8.1 million riyals from 8.9 million riyals, and total operating expenses declined 32.7% on an annual basis to 10.9 million riyals from 16.1 million riyals.

Reported net income came to a loss of 3.0 million riyals, or a loss of 6 halalas per share, compared to a loss of 7.3 million riyals, or a loss of 15 halalas per share, in the prior-year period.

As of April 22, US$1 was equivalent to 3.75 Saudi Arabian riyals.