Riyadh – Mubasher: Al Gassim Investment Holding Company (GACO) reported a 277.4% year-on-year hike in its net profit for the third quarter of 2019.
Net profits, after tax and zakat, increased to SAR 4.71 million in the three-month period ended 30 September, compared to SAR 1.25 million in the year-ago period, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The profit rise was ascribed to several reasons, mainly achieving investment profits during Q3-19 as well as a drop in losses from non-continuing operations and lower zakat provision.
Quarter-on-quarter, GACO’s net profit leapt 223.3% from SAR 1.46 million in Q2-19.
As for the first nine months of 2019, the Saudi firm logged a net profit of SAR 15.53 million, rising by 516.7% year-on-year from SAR 2.52 million.
