Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a 69% increase in H1 2023 net profit to SAR 44.7 million from SAR 26.4 million in the year-earlier period.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 591.53 | 653.96 | 10.6 % |
| Gross Income | 132.51 | 161.34 | 21.8 % |
| Operating Income | 27.60 | 46.95 | 70.1 % |
| Net Income | 26.41 | 44.66 | 69.1 % |
| Average Shares | 48.23 | 48.23 | - |
| EPS (Riyals) | 0.55 | 0.93 | 69.1 % |
Shaker’s revenue rose 10.54% year-on-year (YoY) as the growth strategy was realized with a more diversified and expanded product portfolio, along with a better market share. The heating, ventilation and air conditioning (HVAC) solutions and home appliances segments’ revenue grew YoY by 14.82% and 4.56%, respectively.
The cost of goods sold (COGS) improved on a favourable portfolio mix, which pushed the company’s gross profit 21.76% higher from SAR 132.51 million in H1 2022 to SAR 161.34 million in H1 2023. During the six-month period, operating profit leapt by 66.86% YoY.
In H1 2023, Shaker also reported a higher profit share from the LG-Shaker HVAC factory, which offset the rise in finance costs due to increased SAIBOR.
In Q2 2023, the company’s net profit leapfrogged 36% to SAR 15.9 million from SAR 11.65 million in the prior-year period, as revenue grew by 4.42% YoY to SAR 307.39 million. Better operating performance and profit share from LG-Shaker HVAC factory also bolstered the second-quarter results.
Sequentially, net earnings fell by 44.8% from SAR 28.77 million in Q1 2023 on a quarter-on-quarter (QoQ) revenue drop of 11.30% amid lower sales of home appliances due to seasonal factors.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 294.40 | 307.39 | 4.4 % |
| Gross Income | 60.14 | 74.23 | 23.4 % |
| Operating Income | 11.02 | 19.08 | 73.1 % |
| Net Income | 11.65 | 15.89 | 36.3 % |
| Average Shares | 48.23 | 48.23 | - |
| EPS (Riyals) | 0.24 | 0.33 | 36.3 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 346.56 | 307.39 | (11.3 %) |
| Gross Income | 87.11 | 74.23 | (14.8 %) |
| Operating Income | 27.87 | 19.08 | (31.5 %) |
| Net Income | 28.77 | 15.89 | (44.8 %) |
| Average Shares | 48.23 | 48.23 | - |
| EPS (Riyals) | 0.60 | 0.33 | (44.8 %) |
Total shareholders’ equity, after minority interest, stood at SAR 697.03 million by the end of the six-month period, compared to SAR 648.52 million a year earlier.
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