Financial Results : Shaker profit rose 9% to SAR 48.7 mln in H1; Q2 at SAR 16.4 mln

Shaker profit rose 9% to SAR 48.7 mln in H1; Q2 at SAR 16.4 mln

28/07/2024 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a 9% increase in H1 2024 net profit to SAR 48.7 million from SAR 44.7 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 653.96 758.38 16.0 %
Gross Income 161.34 180.96 12.2 %
Operating Income 46.95 42.42 (9.7 %)
Net Income 44.66 48.70 9.0 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.80 0.88 9.0 %

The higher profit was driven by a 12.3% year-on-year (YoY) rise in revenue to SAR 345.14 million, thanks to strategic measures to broaden and diversify the product range and optimize the sales mix across different sales channels.

 

In Q2 2024, the company’s net profit rose 4% to SAR 16.4 million from SAR 15.8 million in the prior-year period as its growth strategy continued to yield results. This lead to higher sales in the HVAC solutions segment and a more diversified and expanded product portfolio.

 



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 307.39 345.14 12.3 %
Gross Income 74.23 83.19 12.1 %
Operating Income 19.08 11.86 (37.8 %)
Net Income 15.89 16.45 3.5 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.29 0.30 3.5 %

Sequentially, net earnings fell by 49% from SAR 32.2 million in Q1 2024. 

 

Total shareholders’ equity, after minority interest, rose to SAR 766.16 million by the end of the six-month period, compared to SAR 697.03 million a year earlier. 

 

Attached Documents

 

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