Shaker sees 31.5% rise in share of profit from LG plant in Q2: CEO

He told Argaam that, by the end of Q2, the market share reflected the group’s position in the sector, supported by its cooperation with major brands including LG, Bompani, Midea, Ariston, Indesit, and Maytag.

The CEO added that the company enjoys a key strategic position within the home appliances sector, which qualifies it to expand its presence and enhance its outreach, thanks to its diverse portfolio of products ranging in price from medium to high.

The results achieved by the group in Q2 2024 represent an achievement, as it reached the highest level of revenues and net profit since 2017, which confirms its continuous growth during a period dominated by seasonality, said the CEO.

He revealed that the heating, ventilation, and air conditioning solutions segment recorded a remarkable increase in sales by 20% YoY in Q2 2024.

Meanwhile, the decline in the group's Q2 profit quarter-on-quarter is due to seasonal fluctuations, as it coincided with the Eid holidays and the summer vacation, which led to a slowdown in consumer activity. This negatively impacted revenues, especially in the home appliances segment that fell by 47.8% QoQ, in addition to recording an increase in accounts receivable provisions, according to Abunayyan.

He added that the home appliances segment declined in Q2 2024 as a result of adjusting sales due to not calculating costs, noting that topline growth maintained its increase.

The CEO also said that Shaker will reveal the new development strategy by Q3 2024 to direct its efforts and endeavors towards the next stage.

According to Argaam's data, the company's profit rose to SAR 48.7 million by the end of H1 2024, from SAR 44.7 million in H1 2023. The second quarter's profit amounted to SAR 16.4 million