Al Gassim Investment Holding Co. reveals its annual financial results for the period ending December 31, 2024.

April 2, 2025 - The decline in revenues for the current year compared to the previous year is due to a reduction in financing income from lease contracts, which naturally decreases over time, along with a decline in the rental value of the date grove.

The shift from a net loss last year to a net profit this year is primarily attributed to gains from land ownership granted by the government, a reversal of losses from the decline in real estate investment values compared to the previous year, and capital gains from the sale of investment properties, which were not present last year. Additionally, higher other revenues and a reduction in zakat provisions contributed to the profit increase. This was achieved despite higher general and administrative expenses, increased provisions for expected credit losses compared to the reversal of provisions last year, and a decrease in revaluation gains of financial assets at fair value.

The company’s financial statements for the year ending December 31, 2023, were audited by a different auditor, who issued an unmodified opinion on those financial statements on Ramadan 21, 1445 AH, corresponding to March 31, 2024.

Certain comparative figures from the previous period have been reclassified to align with the current period’s presentation.