Financial Results : Shaker reports 95% profit growth to SAR 28.8 mln in Q1 2023

Shaker reports 95% profit growth to SAR 28.8 mln in Q1 2023

16/05/2023 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. reported a net profit of SAR 28.8 million in Q1 2023, a leap of 95% compared to SAR 14.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 297.23 346.56 16.6 %
Gross Income 72.37 87.11 20.4 %
Operating Income 16.58 27.87 68.1 %
Net Income 14.76 28.77 94.9 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.27 0.52 94.9 %

Shaker recorded revenue of SAR 346.56 million in Q1 2023, an increase of 16.60% year-on-year (YoY), driven by a diversified and expanded product portfolio, along with an expanded market share.

 

The HVAC solutions segment, including B2B and B2C offerings, experienced significant double-digit growth of 22.1% and the integration of LG’s full product range in Q1 2023 boosted the home appliances segment with an 11.4% YoY increase.

 

Gross profit rose 20.37% YoY to SAR 87.11 million, in line with higher revenue, and a favorable portfolio mix.

 

Operating income reached SAR 28.60 million in Q1 2023, up 64.84% YoY.

 

The significant growth in operating profit was primarily driven by higher revenue.

 

On a quarterly basis, the company turned profitable from a loss of SAR 2.11 million in Q4 2022.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 682.4 million in Q1 2023, compared to SAR 636.9 million a year earlier.

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