Shaker 9M 2022 net profit up 29% to SAR 34.9 mln; Q3 at SAR 8.5 mln

08/11/2022 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a net profit after Zakat and tax of SAR 34.9 million for the first nine months of 2022, an increase of 29% from SAR 27.1 million in the year-earlier period.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	836.98	827.20	(1.2 %)
Gross Income	176.00	184.37	4.8 %
Operating Income	30.35	36.05	18.8 %
Net Income	27.11	34.94	28.9 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.49	0.63	28.9 %

This profit growth was fueled by a 6.7% increase in revenue year-on-year (YoY), higher gross profit and increased other income.

Q3 2022 net profit dropped 29% to SAR 8.5 million, from SAR 12.03 million a year earlier, driven by lower revenues due to slower consumer activity as well as inflationary pressures affecting spending across the consumer discretionary sector. This was offset by the growth in the heating, ventilation, and air-conditioning (HVAC) solutions segment mainly driven by mega project wins and B2B activity.

The company also cited a marginal increase in gross profit to SAR 57.6 million.

On a sequential basis, net profit fell 26.8% from SAR 11.65 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	260.12	235.67	(9.4 %)
Gross Income	57.15	51.86	(9.3 %)
Operating Income	12.51	8.45	(32.5 %)
Net Income	12.03	8.52	(29.2 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	0.22	0.15	(29.2 %)

Item	Q2 2022	Q3 2022	Change‬
Revenues	294.40	235.67	(19.9 %)
Gross Income	60.14	51.86	(13.8 %)
Operating Income	11.02	8.45	(23.3 %)
Net Income	11.65	8.52	(26.8 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	0.21	0.15	(26.8 %)

Total shareholders’ equity, excluding minority interest, reached SAR 656.233 million as of Sept. 30, 2022, compared to SAR 623.271 million in the prior-year period.

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