Shaker to explore future developments, seeks competitive GPMs: CEO

Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) has mapped out a sustainable development plan to explore a number of future major projects, in addition to other energy services and restructuring developments undertaken by the Energy Management Services (ESCO), Chief Executive Officer, Azzam Saud Almudaiheem told Argaam.

“Q3 2019 financial statements were backed by the impact of the breakthrough transformation program- launched in February 2019, over the previous nine months. We are bracing for more competitive gross profit margins over the coming period,” Almudaiheem added.

Shaker managed to secure a major market share of the air conditioners segment within the Saudi Energy Efficiency Program over the previous months.

“The Saudi Energy Efficiency Center’s projects will be utilized in enhancing the company’s operations in the Kingdom in short and medium term,” Almudaiheem indicated.

In support of the projects team, the company is luring professional and experienced cadres, a step which will likely reflect positively on the company’s revenue.

“We are looking forward for a new start in 2020,” Almudaiheem said.

Shaker’s net loss after zakat and tax narrowed by 56 percent year-on-year (YoY) to SAR 45.3 million for the first nine months of 2019, driven by a 16.2 percent increase in sales and decreased expenses.