Shaker turns to SAR 3.7 mln profit in H1 2020

18/08/2020 Argaam Exclusive

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Al-Hassan Ghazi Ibrahim Shaker Co. reported profit after Zakat and tax of SAR 3.7 million for the first half of 2020 from loss after Zakat and tax of SAR 36.4 million in the same period last year.

The profit was attributed to an 8.4% increase in sales revenue, as well as operating expenses falling due to lower employee costs from organizational restructuring, lower rentals and decline in other expenses. In addition, the share of associate profits jumped SAR 8 million to SAR 13.4 million in H1 2020 from SAR 5.5 million in H1 2019.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	450.86	488.75	8.4 %
Gross Income	81.31	101.48	24.8 %
Operating Income	(18.69)	2.84	115.2 %
Net Income	(36.35)	4.69	112.9 %
Average Shares	55.50	55.50	-
EPS (Riyals)	(0.65)	0.08	112.9 %

The company realized a net profit after Zakat and tax of SAR 5.2 million in Q2 2020 from a loss of SAR 9.9 million in the same quarter last year due to 5.6% jump in sales revenue and lower operating expenses as a result of restructuring and lower rental costs.

When compared to the previous quarter, the company turned to a profit, thanks to a 21.2% surge in sales revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	253.53	267.77	5.6 %
Gross Income	48.28	52.12	7.9 %
Operating Income	0.81	8.01	886.3 %
Net Income	(8.96)	7.62	185.0 %
Average Shares	55.50	55.50	-
EPS (Riyals)	(0.16)	0.14	185.0 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	220.98	267.77	21.2 %
Gross Income	49.36	52.12	5.6 %
Operating Income	(5.17)	8.01	254.8 %
Net Income	(2.93)	7.62	360.3 %
Average Shares	55.50	55.50	-
EPS (Riyals)	(0.05)	0.14	360.3 %

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