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Al Gassim Investment Holding swings to loss in Q2

Al Gassim Investment Holding Co. said its normalized net income for the second quarter amounted to a loss of 206,030 riyals, compared with income of 448,500 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 15.7% from 3.2% in the year-earlier period.

Total revenue decreased 59.1% year over year to 5.8 million riyals from 14.1 million riyals, and total operating expenses decreased 56.6% from the prior-year period to 6.2 million riyals from 14.3 million riyals.

Reported net income increased from the prior-year period to 1.3 million riyals, or 3 halalas per share, from 465,320 riyals, or 1 halalas per share.

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