Shaker’s 9M 2023 profit jumps 76% to SAR 61.4 mln; Q3 at SAR 16.8 mln

Al Hassan Ghazi Ibrahim Shaker Co. posted a leap of 76% in net profit to SAR 61.4 million in the first nine months of 2023, compared to SAR 34.9 million a year earlier. 

The strong profit was backed by an increase of 18.07% year-on-year (YoY) in revenue, as the growth strategy gains were realized leading to an enhanced product portfolio across the core business segments, along with a steady growth in market share.

As a result, the HVAC solutions revenue and home appliances revenue grew by 20.03% and 14.77% YoY, respectively.

Additionally, efficient cost of goods sold (COGS) management achieved through an optimized portfolio mix led to a 31.64% increase in gross profit from SAR 184.37 million to SAR 242.70 million YoY.

Shaker’s profit share from LG Shaker jumped 87.28% YoY.

By contrast, selling, general and administrative expenses increased on expansion initiatives. The company also reported higher finance costs amid increased SAIBOR rates.

The three-month net profit soared 97% to SAR 16.8 million from SAR 8.5 million in Q3 2022.

Revenue jumped 37% YoY, thanks to better HVAC and home appliance sales.

The HVAC solutions segment revenue (including B2B and B2C offerings) grew by 30.28% YoY, while home appliances increased by 56.33%.

Gross profit climbed 56.88% YoY to SAR 81.36 million in the three-month period, compared to SAR 51.86 million a year earlier.

Bottom line also grew by 5.6% quarter-on-quarter (QoQ) from SAR 15.89 million in Q2 2023.

Total shareholders’ equity, no minority interest, stood at SAR 713.87 million as of Sept. 30, 2023, compared to SAR 656.23 million a year earlier.

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