Al Hassan Shaker’s reports a net profit of SAR 446.8m for the first nine months of 2014

30/09/2014 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker, a certified agent of LG in Saudi Arabia, reported a net profit of SAR 446.8m for the nine months ended September 30,2014, compared to a profit of SAR 156.1m of the same period last year.

A net profit of SAR 43.8m was reported for Q3-2014.

Financials (M)

Item	9m 2013	9m 2014	Change‬
Revenues	1,316.74	1,204.63	(8.5 %)
Gross Income	336.69	312.27	(7.3 %)
Operating Income	138.97	112.58	(19.0 %)
Net Income	156.07	446.85	186.3 %
Average Shares	55.50	55.50	-
EPS (Riyals)	2.81	8.05	186.3 %

The Company attributed the increase of the first nine months of 2014’s net profit compared to the same period last year to the recorded Shaker’s share of gain on fair valuation of retained equity interest reported in Q2 of 2014 for net gain of SAR 304.5m net of assessed zakat value. Accordingly, net income for the current period excluding the gain on fair valuation of retained equity interest would be around SAR 135m compared to SAR 156m reported net income for the same period in 2013 and that reflects a subsiding decline of 13.6% compared to reported decline of 21% at end of second quarter 2014 where the initial major decline contributed, as reported earlier, in Q1-2014.
The Company attributed the decline of Q3-2014’s net profit compared to the same period last year to the decrease of reported sales in Q1-2014 which impacted notably company profitability despite the reported improvement in the gross profit margin in this period compared to same period of last year.

The Company attributed the increase of current quarter’s profitability at all levels; net, gross and operating profit, to increased sales as well as improved profitability margins.

The decline of Q3-2014’s net profit compared to the previous period (Q2-2014) was attributed to the recorded share of gain on fair valuation of retained equity interest reported in Q2- 2014 in addition to the relatively declined sales due to the lesser demand received during holy month of Ramadan and its followed EID holiday that took place during the current quarter. The declined sales due to same reason mentioned above was also the main reason behind the declined gross profit and the operating income in current quarter compared to previous quarter although gross profit margin has improved and overall expenses has decreased.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2013	Q3 2014	Change‬
Revenues	393.82	408.05	3.6 %
Gross Income	92.95	110.81	19.2 %
Operating Income	25.23	39.38	56.1 %
Net Income	31.35	43.78	39.7 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.56	0.79	39.7 %

Item	Q2 2014	Q3 2014	Change‬
Revenues	484.41	408.05	(15.8 %)
Gross Income	131.43	110.81	(15.7 %)
Operating Income	58.79	39.38	(33.0 %)
Net Income	382.45	43.78	(88.6 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	6.89	0.79	(88.6 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	644.06	-	156.90	-	67.87	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	750.05	16.5 %	185.39	18.2 %	82.35	21.3 %
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	917.70	22.4 %	244.49	31.9 %	109.58	33.1 %
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	295.04	-	107.56	-	64.25	-
Q4 2009	182.11	-	55.64	-	13.48	-
2009	997.69	8.7 %	312.24	27.7 %	152.45	39.1 %
Q1 2010	224.35	-	69.71	-	30.85	-
Q2 2010	350.76	-	125.41	-	70.47	-
Q3 2010	336.54	14.1 %	108.56	0.9 %	52.52	(18.3 %)
Q4 2010	244.09	34.0 %	83.14	49.4 %	26.51	96.6 %
2010	1,155.74	15.8 %	386.82	23.9 %	180.35	18.3 %
Q1 2011	323.04	44.0 %	94.51	35.6 %	39.86	29.2 %
Q2 2011	556.37	58.6 %	166.27	32.6 %	88.08	25.0 %
Q3 2011	413.68	22.9 %	130.54	20.2 %	65.92	25.5 %
Q4 2011	273.08	11.9 %	75.31	(9.4 %)	20.67	(22.0 %)
2011	1,566.17	35.5 %	466.64	20.6 %	214.53	19.0 %
Q1 2012	375.87	16.4 %	114.07	20.7 %	51.83	30.0 %
Q2 2012	590.87	6.2 %	184.87	11.2 %	103.55	17.6 %
Q3 2012	455.98	10.2 %	138.15	5.8 %	72.29	9.7 %
Q4 2012	315.19	15.4 %	82.60	9.7 %	11.86	(42.6 %)
2012	1,737.91	11.0 %	519.69	11.4 %	239.54	11.7 %
Q1 2013	458.30	21.9 %	147.64	29.4 %	74.17	43.1 %
Q2 2013	526.79	(10.8 %)	138.03	(25.3 %)	66.00	(36.3 %)
Q3 2013	393.82	(13.6 %)	92.95	(32.7 %)	25.23	(65.1 %)
Q4 2013	318.44	1.0 %	26.53	(67.9 %)	(32.97)	(377.9 %)
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	106.00	(55.7 %)
Q1 2014	312.18	(31.9 %)	70.03	(52.6 %)	14.41	(80.6 %)
Q2 2014	484.41	(8.0 %)	131.43	(4.8 %)	58.79	(10.9 %)
Q3 2014	408.05	3.6 %	110.81	19.2 %	39.38	56.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2004	-	-	-	-	-	-
2005	-	-	-	-	-	-
2006	644.06	-	156.90	-	67.87	-
2007	750.05	16.5 %	185.39	18.2 %	82.35	21.3 %
2008	917.70	22.4 %	244.49	31.9 %	109.58	33.1 %
2009	997.69	8.7 %	312.24	27.7 %	152.45	39.1 %
2010	1,155.74	15.8 %	386.82	23.9 %	180.35	18.3 %
2011	1,566.17	35.5 %	466.64	20.6 %	214.53	19.0 %
2012	1,737.91	11.0 %	519.69	11.4 %	239.54	11.7 %
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	106.00	(55.7 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2005	-	-	-	-	-	-
Q2 2005	-	-	-	-	-	-
Q3 2005	-	-	-	-	-	-
Q4 2005	-	-	-	-	-	-
2005	-	-	-	-	-	-
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	61.26	-	1.77	-	61.26	1.77
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	78.10	27.5 %	2.26	-	78.10	2.26
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	103.03	31.9 %	1.86	-	103.03	1.86
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	53.86	-	0.97	-	53.86	0.97
Q4 2009	11.66	-	0.21	-	11.66	0.21
2009	132.48	28.6 %	2.39	-	132.48	2.39
Q1 2010	19.29	-	0.35	-	19.29	0.35
Q2 2010	58.33	-	1.05	-	58.33	1.05
Q3 2010	46.57	(13.5 %)	0.84	-	46.57	0.84
Q4 2010	21.04	80.5 %	0.38	-	21.04	0.38
2010	145.23	9.6 %	2.62	-	145.23	2.62
Q1 2011	33.61	74.2 %	0.61	-	33.61	0.61
Q2 2011	73.63	26.2 %	1.33	-	73.63	1.33
Q3 2011	54.98	18.0 %	0.99	-	54.98	0.99
Q4 2011	18.00	(14.5 %)	0.32	-	18.00	0.32
2011	180.22	24.1 %	3.25	-	180.22	3.25
Q1 2012	40.03	19.1 %	0.72	-	40.03	0.72
Q2 2012	82.96	12.7 %	1.49	-	82.96	1.49
Q3 2012	58.41	6.2 %	1.05	-	58.41	1.05
Q4 2012	6.24	(65.3 %)	0.11	-	6.24	0.11
2012	187.64	4.1 %	3.38	-	187.64	3.38
Q1 2013	49.79	24.4 %	0.90	-	49.79	0.90
Q2 2013	74.94	(9.7 %)	1.35	35.09	39.85	0.72
Q3 2013	31.35	(46.3 %)	0.56	11.34	20.00	0.36
Q4 2013	(30.98)	(596.3 %)	(0.56)	13.47	(44.45)	(0.80)
2013	125.09	(33.3 %)	2.25	85.30	39.79	0.72
Q1 2014	20.62	(58.6 %)	0.37	28.31	(7.70)	(0.14)
Q2 2014	382.45	410.4 %	6.89	350.75	31.70	0.57
Q3 2014	43.78	39.7 %	0.79	-	43.78	0.79

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2004	-	-	-	-	-	-
2005	-	-	-	-	-	-
2006	61.26	-	1.77	-	61.26	1.77
2007	78.10	27.5 %	2.26	-	78.10	2.26
2008	103.03	31.9 %	1.86	-	103.03	1.86
2009	132.48	28.6 %	2.39	-	132.48	2.39
2010	145.23	9.6 %	2.62	-	145.23	2.62
2011	180.22	24.1 %	3.25	-	180.22	3.25
2012	187.64	4.1 %	3.38	-	187.64	3.38
2013	125.09	(33.3 %)	2.25	85.30	39.79	0.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	24.36 %	11.32 %	9.51 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	24.72 %	11.73 %	10.41 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	26.64 %	12.88 %	11.23 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	31.30 %	16.36 %	13.28 %
Q1 2010	-	-	-
Q2 2010	34.05 %	18.02 %	13.60 %
Q3 2010	32.85 %	16.68 %	12.42 %
Q4 2010	33.47 %	17.08 %	12.57 %
2010	33.47 %	17.08 %	12.57 %
Q1 2011	32.81 %	16.63 %	12.72 %
Q2 2011	30.99 %	15.60 %	11.98 %
Q3 2011	30.87 %	15.80 %	11.92 %
Q4 2011	29.79 %	15.28 %	11.51 %
2011	29.79 %	15.28 %	11.51 %
Q1 2012	30.03 %	15.61 %	11.53 %
Q2 2012	30.53 %	16.33 %	11.85 %
Q3 2012	30.22 %	16.41 %	11.76 %
Q4 2012	29.90 %	15.56 %	10.80 %
2012	29.90 %	15.56 %	10.80 %
Q1 2013	30.39 %	16.12 %	10.84 %
Q2 2013	28.83 %	14.07 %	8.79 %
Q3 2013	27.22 %	11.54 %	6.84 %
Q4 2013	23.87 %	8.62 %	3.84 %
2013	22.21 %	7.33 %	2.43 %
Q1 2014	21.12 %	5.30 %	0.50 %
Q2 2014	21.27 %	5.27 %	(0.03 %)
Q3 2014	22.24 %	6.12 %	1.53 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2004	-	-	-
2005	-	-	-
2006	24.36 %	11.32 %	9.51 %
2007	24.72 %	11.73 %	10.41 %
2008	26.64 %	12.88 %	11.23 %
2009	31.30 %	16.36 %	13.28 %
2010	33.47 %	17.08 %	12.57 %
2011	29.79 %	15.28 %	11.51 %
2012	29.90 %	15.56 %	10.80 %
2013	22.21 %	7.33 %	2.43 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	36.46 %	-	18.26 %
Q4 2009	30.55 %	9.08 %	6.40 %
Q1 2010	31.07 %	15.29 %	8.60 %
Q2 2010	35.75 %	21.26 %	16.63 %
Q3 2010	32.26 %	16.96 %	13.84 %
Q4 2010	34.06 %	12.87 %	8.62 %
Q1 2011	29.26 %	14.09 %	10.40 %
Q2 2011	29.89 %	16.86 %	13.23 %
Q3 2011	31.56 %	17.44 %	13.29 %
Q4 2011	27.58 %	10.21 %	6.59 %
Q1 2012	30.35 %	15.68 %	10.65 %
Q2 2012	31.29 %	18.80 %	14.04 %
Q3 2012	30.30 %	17.61 %	12.81 %
Q4 2012	26.21 %	6.36 %	1.98 %
Q1 2013	32.21 %	17.88 %	10.86 %
Q2 2013	26.20 %	12.31 %	7.56 %
Q3 2013	23.60 %	7.27 %	5.08 %
Q4 2013	8.33 %	(9.16 %)	(13.96 %)
Q1 2014	22.43 %	5.73 %	(2.47 %)
Q2 2014	27.13 %	12.83 %	6.54 %
Q3 2014	27.16 %	10.39 %	10.73 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2005	-	-	-	-
Q2 2005	-	-	-	-
Q3 2005	-	-	-	-
Q4 2005	-	-	-	-
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	55.50	-	-	6.69
Q4 2009	55.50	-	-	6.90
Q1 2010	55.50	-	-	7.25
Q2 2010	55.50	2.58	2.58	8.30
Q3 2010	55.50	2.45	2.45	9.14
Q4 2010	55.50	2.62	2.62	7.62
Q1 2011	55.50	2.87	2.87	8.23
Q2 2011	55.50	3.15	3.15	9.56
Q3 2011	55.50	3.30	3.30	10.55
Q4 2011	55.50	3.25	3.25	8.66
Q1 2012	55.50	3.36	3.36	9.38
Q2 2012	55.50	3.53	3.53	10.88
Q3 2012	55.50	3.59	3.59	11.93
Q4 2012	55.50	3.38	3.38	9.52
Q1 2013	55.50	3.56	3.56	10.42
Q2 2013	55.50	3.41	2.78	11.77
Q3 2013	55.50	2.92	2.09	12.33
Q4 2013	55.50	2.25	1.17	11.78
Q1 2014	55.50	1.73	0.14	12.15
Q2 2014	55.50	7.27	(0.01)	17.46
Q3 2014	55.50	7.49	0.42	18.25

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2004	-	-	-	-
2005	-	-	-	-
2006	34.52	1.77	1.77	4.52
2007	34.52	2.26	2.26	6.68
2008	55.50	1.86	1.86	6.63
2009	55.50	2.39	2.39	6.90
2010	55.50	2.62	2.62	7.62
2011	55.50	3.25	3.25	8.66
2012	55.50	3.38	3.38	9.52
2013	55.50	2.25	0.72	11.78

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2005	-	-	-
Q2 2005	-	-	-
Q3 2005	-	-	-
Q4 2005	-	-	-
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	14.18	14.18	4.41
Q3 2010	17.91	17.91	4.80
Q4 2010	14.64	14.64	5.03
Q1 2011	11.79	11.79	4.12
Q2 2011	13.47	13.47	4.44
Q3 2011	12.23	12.23	3.83
Q4 2011	11.90	11.90	4.46
Q1 2012	13.08	13.08	4.69
Q2 2012	12.77	12.77	4.15
Q3 2012	12.20	12.20	3.67
Q4 2012	12.04	12.04	4.27
Q1 2013	12.50	12.50	4.27
Q2 2013	14.97	18.38	4.34
Q3 2013	17.47	24.47	4.14
Q4 2013	19.52	37.45	3.74
Q1 2014	30.20	More than 100	4.30
Q2 2014	6.61	NEG	2.75
Q3 2014	7.36	More than 100	3.02

Period	P/E	Adjusted P/E	Price/book
2004	-	-	-
2005	-	-	-
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	14.64	14.64	5.03
2011	11.90	11.90	4.46
2012	12.04	12.04	4.27
2013	19.52	61.36	3.74

Business Segments (Million)

Compared With The

Period	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
Q1 2010	178.77	45.58
Q2 2010	298.73	52.03
Q3 2010	277.14	59.40
Q4 2010	200.83	43.26
Q1 2011	269.90	53.13
Q2 2011	468.10	88.27
Q3 2011	344.15	69.53
Q4 2011	215.53	57.56
Q1 2012	291.10	84.77
Q2 2012	499.14	91.73
Q3 2012	375.26	80.72
Q4 2012	247.69	67.51
Q1 2013	379.58	78.72
Q2 2013	355.32	109.30
Q3 2013	314.42	79.40
Q4 2013	240.71	77.73
Q1 2014	246.01	66.17
Q2 2014	417.85	66.56
Q3 2014	348.47	59.58

Period	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
2009	828.57	169.12
2010	955.46	200.27
2011	1,297.68	268.48
2012	1,413.19	324.73
2013	1,290.03	345.15

Financial Ratios

	Current
Market Cap (M Riyal)	1,327.56
Enterprise Value (EV) (M)	1,573.53
Shares Outstanding ((M))	55.50
EPS ( Riyal) (TTM)	1.27
Book Value (BV) ( Riyal)	14.12
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	18.85
P/E (TTM)	18.85
Price/book	1.69
Return on Average Assets (%) (TTM)	4.2
Return on Average Equity (%) (TTM)	9.4

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Al Hassan Shaker’s reports a net profit of SAR 446.8m for the first nine months of 2014

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2014 Q3

Financial Ratios

Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Al Hassan Shaker’s reports a net profit of SAR 446.8m for the first nine months of 2014

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2014

Revenue by Business Segment (Latest) 2014 Q3

Financial Ratios

Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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