Shaker CEO says govt projects offer healthy sales opportunities in AC segment

Mohammed Ibrahim Abunayyan, CEO, Al Hassan Ghazi Ibrahim Shaker Co.

Government projects continue to provide a healthy pipeline of opportunities to help increase Al Hassan Ghazi Ibrahim Shaker Co.’s market share in the air-conditioning (AC) segment, according to Chief Executive Officer (CEO) Mohammed Ibrahim Abunayyan.

Commenting on the company's financial results, he explained that Shaker maintained robust sales growth during the first half of the year, marking four sequential financial quarters of sustained improvements in profitability and earnings for the business.

“This performance is underpinned by the continued expansion of our portfolio and enhancements to our distribution channels in line with our 2021-2023 strategy,” the CEO said.

Shaker has succeeded in growing market share in the home appliance segment and steadily growing the AC segment. Business segment sales continue to grow, demonstrating healthy market appetite for Shaker’s products and services.

“At present, we believe that the current portfolio mix is optimal to achieve our medium-term targets, however we remain agile in our approach to strategic acquisitions should they complement our existing revenue streams, predominantly in the home appliances segment,” Abunayyan said.

Shaker reported a net profit after Zakat and tax of SAR 15.1 million for the first half of 2021, a rise of more than three times from SAR 4.4 million a year earlier. In Q2 2021, net profit climbed 15% year-on-year (YoY) to SAR 8.8 million.