Financial Results : Shaker’s 2023 profit doubles to SAR 65.4M; Q4 at SAR 4M

Shaker’s 2023 profit doubles to SAR 65.4M; Q4 at SAR 4M

27/02/2024 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. posted a leap of 99% in net profit to SAR 65.4 million in 2023, compared to SAR 32.8 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,037.23 1,236.24 19.2 %
Gross Income 237.64 317.76 33.7 %
Operating Income 38.31 86.96 127.0 %
Net Income 32.83 65.43 99.3 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.59 1.18 99.3 %

The positive performance is driven by an increase in revenue of 19.19% or SAR 1.24 billion year-on-year (YoY) from SAR 1.04 billion in 2022.

 

In 2023 gross profit came in at SAR 317.76 million, an increase of 33.71% YoY from SAR 237.64 million in 2022. Accordingly, the gross profit margins improved from 22.91% in 2022 to 25.70% in 2023, reinforcing the company’s strong financial health.

 

Meanwhile, income from operations reached SAR 89.15 million by the end of 2023, a rise of 110.48% YoY from SAR 42.36 million in 2022.

 

In Q4 2023, Shaker reported a net profit of SAR 4 million against a loss of SAR 2.11 million in Q4 2022.

 

Bottom line, however, fell by 76.2% quarter-on-quarter (QoQ) from SAR 16.77 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 210.03 259.56 23.6 %
Gross Income 53.27 75.06 40.9 %
Operating Income 2.26 21.33 843.4 %
Net Income (2.11) 4.00 289.9 %
Average Shares 55.50 55.50 -
EPS (Riyals) (0.04) 0.07 289.9 %

Total shareholders’ equity, no minority interest, stood at SAR 717.7 million as of Dec. 31, 2023, compared to SAR 654.2 million a year earlier.

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