Shaker 2022 profit grows 20% to SAR 32.8 mln; incurs SAR 2.1 mln loss in Q4

Al Hassan Ghazi Ibrahim Shaker Co., LG air conditioners' distributor in Saudi Arabia, reported a net profit of SAR 32.8 million for 2022, up 20% from SAR 27.4 million a year earlier. 

The solid performance was primarily attributed to significant double-digit growth in the heating, ventilation, and air conditioning (HVAC) solutions segment, as well as strong after-sale services. 

HVAC solutions segment’s strong performance offset the slowdown of the home appliances segment due to inflationary pressures. 

Gross profit stood at SAR 237.64 million, an increase of 10.24% YoY, driven by higher sales, portfolio mix optimization and continued improvement in the management of cost of goods sold. 

Operating income jumped 15.62% YoY to SAR 42.36 million, due to a lower impairment loss on trade and other receivables. 

Meanwhile, selling and distribution costs, as well as general and administrative expenses increased. 

Shaker incurred a net loss of SAR 2.1 million in Q4 2022, versus net earnings of SAR 0.32 million in the prior-year period.

On a sequential basis, Shaker turned to loss from SAR 8.52 million earnings in Q3 2022.

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