Riyadh – Mubasher: Saudi Arabia-based Al Gassim Investment Holding Company (GACO) on Tuesday reported a 37.9% year-on-year increase in net profits for the second quarter of 2018.
GACO logged a net profit of SAR 974,830 in Q2-18, compared to SAR 706,980 in Q2-17, according to a bourse filing.
Quarter-on-quarter, profits soared 231.6% during the period between April and June, from SAR 294,000 during Q1-18.
GACO attributed the second-quarter profit growth to a decrease in selling and distributing expenses, coupled with lower general and administrative expense and higher revenues.
Revenues tumbled 11.1% to SAR 3.89 million in the three-month period ended last June, compared to SAR 4.37 million in the same period a year ago.
During the first six months of 2018, the company’s profits jumped 38.95% to SAR 1.27 million, from SAR 913,160 in H1-17.
GACO’s revenues went down 21.8% to SAR 7.2 million during H1-18, compared to SAR 9.2 million in the corresponding six months a year earlier.
By 11:22 am Saudi time, the stock rose 3.85% to SAR 11.88.
