Mubasher TV
Contact Us Advertising   العربية

GACO profit dips 15% in Q3

GACO profit dips 15% in Q3
GACO indicated that the nine-month profit increase was due to a drop in administrative, distributing, general, and selling expenses.
GACO
6020
15.50% 18.18 2.44

Riyadh – Mubasher: Saudi Arabia-based Al Gassim Investment Holding Company (GACO) on Monday reported a 15.3% year-on-year decline in its net profits after calculating Zakat and Tax during the third quarter of 2018.

GACO’s profits reached SAR 1.25 million in Q3-18, compared to SAR 1.48 million during Q3-17, according to a bourse filing.

Revenues tumbled 29% to SAR 3.31 million from July to September this year, compared to SAR 4.64 million in the same months a year earlier.

Quarter-on-quarter, the Saudi firm's profit increased by 28% during the three-month period ended September, from SAR 974,833.

During the first nine months of 2018, GACO’s profits rose 5.4% year-on-year to SAR 2.5 million, from SAR 2.39 million.

The Tadawul-listed firm further indicated that the nine-month profit increase was due to a drop in administrative, distributing, general, and selling expenses.

Year-on-year, sales fell 24%, reaching SAR 10.50 million by the end of September, compared to SAR 13.84 million.

GACO’s stock edged up 0.41% to end Monday’s trading session at SAR 9.88.