Riyadh – Mubasher: Saudi Arabia-based Al Gassim Investment Holding Company (GACO) on Sunday announced turning to losses in the fiscal year 2018.

GACO reported SAR 7.7 million ($2.05 million) in losses, after zakat and taxes, last year, against a net profit of SAR 3.34 million ($890,544) in 2017, according to a statement to the Saudi Stock Exchange (Tadawul).

Losses were attributed to the reduced value of investment real estate according to international standards despite the decrease in administrative, marketing, sales, and distribution expenses.

By 12:05 pm Saudi time, GACO’s stock fell 2.16% to SAR 11.78.