Shaker Q1 2024 profit up 12% to SAR 32.3M

Al Hassan Ghazi Ibrahim Shaker Co. reported a net profit of SAR 32.3 million in Q1 2024, a rise of 12% compared to SAR 28.8 million in the year-earlier period.

Revenue amounted to SAR 413.24 million in Q1 2024, an increase of 19.24% year-on-year (YoY) from SAR 346.56 million, driven by higher sales in the heating, ventilation, and air conditioning (HVAC) solutions segment and balanced growth across its brand portfolio, combined with steady market share gains.

The HVAC solutions segment's revenue increased by a substantial 46.98%, offsetting the 9.54% decline in revenues for the home appliances segment on account of normalization of sales.

Gross profit rose by 12.24% YoY to SAR 97.77 million from SAR 87.11 million.

Operating profit reached SAR 31.35 million, an increase of 9.59% YoY from SAR 28.60 million.

This was offset by the marginal decline in the company’s share of profit from the LG-Shaker HVAC factory.

On a quarterly basis, the company's Q1 2024 profit soared 706.8% from SAR 4 million in Q4 2023, driven by a 59.21% leap in revenues to SAR 413.24 million.

Total shareholders’ equity, excluding minority interest, stood at SAR 749.65 million in Q1 2024, compared to SAR 682.4 million a year earlier.

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