Shaker 2024 profit surges 25% to SAR 81.6M; Q4 at SAR 15.2M

18/02/2025 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a 25% profit increase to SAR 81.6 million by the end of 2024, from SAR 65.4 million in 2023.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,236.24	1,415.91	14.5 %
Gross Income	317.76	346.52	9.1 %
Operating Income	89.15	82.17	(7.8 %)
Net Income	65.43	81.59	24.7 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyals)	1.18	1.47	24.7 %
EPS (Riyals)	1.18	1.47	24.7 %

The annual profit hike was driven by a 14.53% year-on-year (YoY) revenue rise to SAR 1.41 billion in 2024, supported by growth in the heating, ventilation, and air conditioning (HVAC) solutions segment across corporate and retail sales by 31.73%, which helped offset the decline in the home appliances segment by 18.05%.

This is in addition to lower financing costs and Zakat expenses, paired with the elevated share of profits from the LG-Shaker joint venture (JV).

This came despite the 7.83% YoY drop in operating profit to SAR 82.17 million in 2024, compared to SAR 89.15 million in the year before, given the company’s strategic investments in recruitment and higher impairment losses on trade and other receivables.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	259.56	298.91	15.2 %
Gross Income	75.06	76.72	2.2 %
Operating Income	23.52	18.32	(22.1 %)
Net Income	4.00	15.17	279.6 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyals)	0.07	0.27	279.6 %
EPS (Riyals)	0.07	0.27	279.6 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	358.62	298.91	(16.6 %)
Gross Income	88.85	76.72	(13.7 %)
Operating Income	21.43	18.32	(14.5 %)
Net Income	17.72	15.17	(14.4 %)
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyals)	0.32	0.27	(14.4 %)
EPS (Riyals)	0.32	0.27	(14.4 %)

In Q4 2024, the company’s net profit jumped by more than fourfold to SAR 15.17 million, from SAR 4 million in the prior-year period.

Sequentially, however, net earnings declined by 14.4% from SAR 17.72 million in Q3 2024.

Total shareholders’ equity, no minority interest, rose to SAR 798.16 million by the end of 2024, compared to SAR 717.72 million a year earlier.

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