Shaker swings to SAR 6.2 mln profit in 9M 2020

08/11/2020 Argaam Exclusive

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Al-Hassan Ghazi Ibrahim Shaker Co. reported a net profit after Zakat and tax of SAR 6.2 million for the first nine months of 2020, against a net loss after Zakat and tax of SAR 45.3 million in the prior-year period.

The higher profit was spurred by a marginal rise in sales revenue, lower operating expenses as a result of organizational restructuring and a decline in rental costs.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	698.71	736.21	5.4 %
Gross Income	130.36	154.15	18.2 %
Operating Income	(21.80)	6.81	131.2 %
Net Income	(42.39)	8.28	119.5 %
Average Shares	55.50	55.50	-
EPS (Riyals)	(0.76)	0.15	119.5 %

In Q3 2020, the company logged a net profit after Zakat and tax of SAR 4.4 million, compared to a net loss of SAR 6.7 million a year earlier, backed by a 5.4% year-on-year rise in sales revenue, lower operating expenses as a result of organizational restructuring and a decline in rental costs.

When compared to the previous quarter, Shaker net profit decreased by 13.7%, on a 7.6% YoY drop in sales revenue.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	247.84	247.47	(0.2 %)
Gross Income	49.05	52.67	7.4 %
Operating Income	(3.12)	3.97	227.3 %
Net Income	(6.05)	3.59	159.3 %
Average Shares	55.50	55.50	-
EPS (Riyals)	(0.11)	0.06	159.3 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	267.77	247.47	(7.6 %)
Gross Income	52.12	52.67	1.1 %
Operating Income	8.01	3.97	(50.4 %)
Net Income	7.62	3.59	(52.9 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	0.14	0.06	(52.9 %)

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