Riyadh – Mubasher: Al Gassim Investment Holding Company (GACO) on Monday posted a 42.59% year-on-year surge in its profits for the first quarter of 2018.
Net profits recorded SAR 294,000 during the three-month period ended March 2018, compared to SAR 206,180 for Q1-17, according to the company’s filing to the Saudi Stock Exchange (Tadawul).
The Tadawul-listed firm ascribed the increase in profits to a drop in sales and distribution expenses.
Al Gassim Investment’s revenues dropped 31.58% to SAR 3.3 million during the first three months of 2018, from SAR 4.83 million in Q1-17, according to the statement.
For the full-year 2017, the company’s profits slid 94.3% to SAR 3.34 million, versus SAR 58.56 million in 2016.
By the end of Sunday’s session, GACO’s stock kept unchanged at SAR 12.70.
