Financial Results : Shaker H1 2022 profit jumps 72% to SAR 26.4 mln; Q2 rises 11% to SAR 11.7 mln

Shaker H1 2022 profit jumps 72% to SAR 26.4 mln; Q2 rises 11% to SAR 11.7 mln

15/08/2022 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. reported a 72% leap in H1 2022 net profit after Zakat and tax to SAR 26.4 million, from SAR 15.3 million in the year-earlier period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 577.78 591.53 2.4 %
Gross Income 118.96 132.51 11.4 %
Operating Income 16.27 27.60 69.7 %
Net Income 15.08 26.41 75.2 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.27 0.48 75.2 %

The profit growth was spurred by a 10.1% year-on-year (YoY) rise in revenue to SAR 635.9 million in H1 2022. Gross profit jumped 20.4% YoY to SAR 143.2 million in the same period.

 

The revenue growth rate outpaced the increase in direct and indirect costs, which resulted in a significantly improved net profit for H1 2022 compared to a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 289.48 294.40 1.7 %
Gross Income 61.33 60.14 (1.9 %)
Operating Income 15.20 11.02 (27.5 %)
Net Income 8.76 11.65 33.1 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.16 0.21 33.1 %

In Q2 2022, net profit after Zakat and tax rose 33% to SAR 11.7 million, from SAR 10.77 million in Q2 2021. Revenue grew by 9.1% YoY to SAR 316.0 million. The growth was driven mainly by higher realized sales in the HVAC solutions segment. The second-quarter gross profit rose 6.9% YoY to SAR 65.6 million,

 

On a quarterly basis, net profit dropped 21.1% from SAR 14.76 million, hit by a decline of 1.2% in revenue to SAR 316 million. Gross profit also fell by 15.5% on a sequential basis.

 

Total shareholders’ equity, after minority interest, increased to SAR 648.523 million as of June 30, 2022, compared to SAR 611.388 million a year earlier.

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