Shaker 2022 profit grows 20% to SAR 32.8 mln; incurs SAR 2.1 mln loss in Q4

07/03/2023 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co., LG air conditioners' distributor in Saudi Arabia, reported a net profit of SAR 32.8 million for 2022, up 20% from SAR 27.4 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	1,002.74	1,037.23	3.4 %
Gross Income	215.57	237.64	10.2 %
Operating Income	34.50	38.31	11.1 %
Net Income	27.42	32.83	19.7 %
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyals)	0.49	0.57	15.8 %
EPS (Riyal)	0.49	0.59	19.7 %

The solid performance was primarily attributed to significant double-digit growth in the heating, ventilation, and air conditioning (HVAC) solutions segment, as well as strong after-sale services.

HVAC solutions segment’s strong performance offset the slowdown of the home appliances segment due to inflationary pressures.

Gross profit stood at SAR 237.64 million, an increase of 10.24% YoY, driven by higher sales, portfolio mix optimization and continued improvement in the management of cost of goods sold.

Operating income jumped 15.62% YoY to SAR 42.36 million, due to a lower impairment loss on trade and other receivables.

Meanwhile, selling and distribution costs, as well as general and administrative expenses increased.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	165.76	210.03	26.7 %
Gross Income	39.57	53.27	34.6 %
Operating Income	4.15	2.26	(45.5 %)
Net Income	0.32	(2.11)	(764.0 %)
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyal)	0.01	(0.06)	(1102.5 %)
EPS (Riyal)	0.01	(0.04)	(764.0 %)

Item	Q3 2022	Q4 2022	Change‬
Revenues	235.67	210.03	(10.9 %)
Gross Income	51.86	53.27	2.7 %
Operating Income	8.45	2.26	(73.2 %)
Net Income	8.52	(2.11)	(124.7 %)
Average Shares	55.50	55.50	-
Earnings Per Share before unusual items (Riyal)	0.15	(0.06)	(137.3 %)
EPS (Riyal)	0.15	(0.04)	(124.7 %)

Shaker incurred a net loss of SAR 2.1 million in Q4 2022, versus net earnings of SAR 0.32 million in the prior-year period.

On a sequential basis, Shaker turned to loss from SAR 8.52 million earnings in Q3 2022.

Total Shareholders’ equity, excluding minority interest, reached SAR 654.20 million by Dec. 31, 2022, compared to SAR 622.93 million a year earlier.

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Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2013	49.79	24.4 %	0.90	-	49.79	0.90
Q2 2013	74.94	(9.7 %)	1.35	35.09	39.85	0.72
Q3 2013	31.35	(46.3 %)	0.56	11.34	20.00	0.36
Q4 2013	(30.98)	(596.3 %)	(0.56)	13.47	(44.45)	(0.80)
2013	125.09	(33.3 %)	2.25	85.30	39.79	0.72
Q1 2014	20.62	(58.6 %)	0.37	28.31	(7.70)	(0.14)
Q2 2014	382.45	410.4 %	6.89	350.75	31.70	0.57
Q3 2014	43.78	39.7 %	0.79	-	43.78	0.79
Q4 2014	(9.95)	67.9 %	(0.18)	(18.50)	8.55	0.15
2014	436.90	249.3 %	7.87	360.56	76.34	1.38
Q1 2015	26.16	26.9 %	0.47	(0.86)	27.01	0.49
Q2 2015	82.01	(78.6 %)	1.48	-	82.01	1.48
Q3 2015	46.22	5.6 %	0.83	-	46.22	0.83
Q4 2015	(17.84)	(79.4 %)	(0.32)	-	(17.84)	(0.32)
2015	136.54	(68.7 %)	2.46	(0.86)	137.39	2.48
Q1 2016	27.98	7.0 %	0.50	-	27.98	0.50
Q2 2016	47.00	(42.7 %)	0.85	2.80	44.20	0.80
Q3 2016	4.04	(91.3 %)	0.07	-	4.04	0.07
Q4 2016	(30.21)	(69.3 %)	(0.54)	-	(30.21)	(0.54)
2016	48.82	(64.2 %)	0.88	2.80	46.02	0.83
Q1 2017	(14.89)	(153.2 %)	(0.27)	-	(14.89)	(0.27)
Q2 2017	(21.09)	(144.9 %)	(0.38)	-	(21.09)	(0.38)
Q3 2017	(49.17)	(1317.4 %)	(0.89)	-	(49.17)	(0.89)
Q4 2017	(85.88)	(184.3 %)	(1.55)	-	(85.88)	(1.55)
2017	(171.04)	(450.4 %)	(3.08)	-	(171.04)	(3.08)
Q1 2018	(20.55)	(38.0 %)	(0.37)	-	(20.55)	(0.37)
Q2 2018	(36.65)	(73.7 %)	(0.66)	-	(36.65)	(0.66)
Q3 2018	(44.92)	8.6 %	(0.81)	-	(44.92)	(0.81)
Q4 2018	(94.42)	(9.9 %)	(1.70)	(30.28)	(64.14)	(1.16)
2018	(196.54)	(14.9 %)	(3.54)	(30.28)	(166.26)	(3.00)
Q1 2019	(27.39)	(33.2 %)	(0.49)	-	(27.39)	(0.49)
Q2 2019	(8.96)	75.5 %	(0.16)	-	(8.96)	(0.16)
Q3 2019	(6.05)	86.5 %	(0.11)	-	(6.05)	(0.11)
Q4 2019	(7.39)	92.2 %	(0.13)	-	(7.39)	(0.13)
2019	(49.79)	74.7 %	(0.90)	-	(49.79)	(0.90)
Q1 2020	(2.93)	89.3 %	(0.05)	-	(2.93)	(0.05)
Q2 2020	7.62	185.0 %	0.14	-	7.62	0.14
Q3 2020	3.59	159.3 %	0.06	-	3.59	0.06
Q4 2020	(0.85)	88.5 %	(0.02)	13.43	(14.28)	(0.26)
2020	7.43	114.9 %	0.13	13.43	(6.00)	(0.11)
Q1 2021	6.32	315.9 %	0.11	-	6.32	0.11
Q2 2021	8.76	14.9 %	0.16	-	8.76	0.16
Q3 2021	12.03	235.6 %	0.22	-	12.03	0.22
Q4 2021	0.32	137.3 %	0.01	-	0.32	0.01
2021	27.42	269.3 %	0.49	-	27.42	0.49
Q1 2022	14.76	133.6 %	0.27	-	14.76	0.27
Q2 2022	11.65	33.1 %	0.21	-	11.65	0.21
Q3 2022	8.52	(29.2 %)	0.15	-	8.52	0.15
Q4 2022	(2.11)	(764.0 %)	(0.04)	1.07	(3.18)	(0.06)
2022	32.83	19.7 %	0.59	1.07	31.76	0.57

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2013	125.09	(33.3 %)	2.25	85.30	39.79	0.72
2014	436.90	249.3 %	7.87	360.56	76.34	1.38
2015	136.54	(68.7 %)	2.46	(0.86)	137.39	2.48
2016	48.82	(64.2 %)	0.88	2.80	46.02	0.83
2017	(171.04)	(450.4 %)	(3.08)	-	(171.04)	(3.08)
2018	(196.54)	(14.9 %)	(3.54)	(30.28)	(166.26)	(3.00)
2019	(49.79)	74.7 %	(0.90)	-	(49.79)	(0.90)
2020	7.43	114.9 %	0.13	13.43	(6.00)	(0.11)
2021	27.42	269.3 %	0.49	-	27.42	0.49
2022	32.83	19.7 %	0.59	1.07	31.76	0.57

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2013	458.30	21.9 %	147.64	29.4 %	74.17	43.1 %
Q2 2013	526.79	(10.8 %)	138.03	(25.3 %)	66.00	(36.3 %)
Q3 2013	393.82	(13.6 %)	92.95	(32.7 %)	25.23	(65.1 %)
Q4 2013	318.44	1.0 %	26.53	(67.9 %)	(32.97)	(377.9 %)
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	106.00	(55.7 %)
Q1 2014	312.18	(31.9 %)	70.03	(52.6 %)	14.41	(80.6 %)
Q2 2014	484.41	(8.0 %)	131.43	(4.8 %)	58.79	(10.9 %)
Q3 2014	408.05	3.6 %	110.81	19.2 %	39.38	56.1 %
Q4 2014	352.02	10.5 %	73.75	178.0 %	(2.34)	92.9 %
2014	1,556.66	(4.8 %)	386.02	6.3 %	110.24	4.0 %
Q1 2015	426.44	36.6 %	98.32	40.4 %	24.51	70.1 %
Q2 2015	643.25	32.8 %	160.77	22.3 %	61.59	4.8 %
Q3 2015	442.12	8.4 %	115.78	4.5 %	27.60	(29.9 %)
Q4 2015	374.72	6.4 %	60.00	(18.6 %)	(22.24)	(850.9 %)
2015	1,886.53	21.2 %	434.86	12.7 %	91.45	(17.0 %)
Q1 2016	395.07	(7.4 %)	98.66	0.3 %	22.63	(7.6 %)
Q2 2016	533.76	(17.0 %)	135.40	(15.8 %)	37.88	(38.5 %)
Q3 2016	401.38	(9.2 %)	94.41	(18.5 %)	14.04	(49.1 %)
Q4 2016	324.20	(13.5 %)	60.46	0.8 %	(19.37)	12.9 %
2016	1,654.41	(12.3 %)	388.93	(10.6 %)	55.19	(39.7 %)
Q1 2017	288.30	(27.0 %)	58.81	(40.4 %)	(17.68)	(178.1 %)
Q2 2017	335.15	(37.2 %)	68.27	(49.6 %)	(11.27)	(129.8 %)
Q3 2017	202.89	(49.5 %)	27.34	(71.0 %)	(33.32)	(337.3 %)
Q4 2017	212.23	(34.5 %)	21.53	(64.4 %)	(50.03)	(158.3 %)
2017	1,038.56	(37.2 %)	175.95	(54.8 %)	(112.29)	(303.5 %)
Q1 2018	214.87	(25.5 %)	52.77	(10.3 %)	(6.60)	62.7 %
Q2 2018	212.36	(36.6 %)	41.06	(39.8 %)	(31.30)	(177.7 %)
Q3 2018	173.98	(14.2 %)	27.29	(0.2 %)	(31.25)	6.2 %
Q4 2018	172.81	(18.6 %)	(21.21)	(198.5 %)	(81.99)	(63.9 %)
2018	774.03	(25.5 %)	99.92	(43.2 %)	(151.14)	(34.6 %)
Q1 2019	197.33	(8.2 %)	33.02	(37.4 %)	(19.50)	(195.6 %)
Q2 2019	253.53	19.4 %	48.28	17.6 %	0.81	102.6 %
Q3 2019	247.84	42.5 %	49.05	79.7 %	(3.12)	90.0 %
Q4 2019	184.12	6.5 %	35.29	266.4 %	(4.40)	94.6 %
2019	882.82	14.1 %	165.65	65.8 %	(26.20)	82.7 %
Q1 2020	220.98	12.0 %	49.36	49.5 %	(5.17)	73.5 %
Q2 2020	267.77	5.6 %	52.12	7.9 %	8.01	886.3 %
Q3 2020	247.47	(0.2 %)	52.67	7.4 %	3.97	227.3 %
Q4 2020	196.49	6.7 %	41.41	17.4 %	(9.22)	(109.7 %)
2020	932.70	5.6 %	195.56	18.1 %	(2.41)	90.8 %
Q1 2021	288.30	30.5 %	57.63	16.8 %	1.07	120.7 %
Q2 2021	289.48	8.1 %	61.33	17.7 %	15.20	89.7 %
Q3 2021	260.12	5.1 %	57.15	8.5 %	12.51	215.1 %
Q4 2021	165.76	(15.6 %)	39.57	(4.5 %)	4.15	145.0 %
2021	1,002.74	7.5 %	215.57	10.2 %	34.50	1529.0 %
Q1 2022	297.23	3.1 %	72.37	25.6 %	16.58	1449.6 %
Q2 2022	294.40	1.7 %	60.14	(1.9 %)	11.02	(27.5 %)
Q3 2022	235.67	(9.4 %)	51.86	(9.3 %)	8.45	(32.5 %)
Q4 2022	210.03	26.7 %	53.27	34.6 %	2.26	(45.5 %)
2022	1,037.23	3.4 %	237.64	10.2 %	38.31	11.1 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	106.00	(55.7 %)
2014	1,556.66	(4.8 %)	386.02	6.3 %	110.24	4.0 %
2015	1,886.53	21.2 %	434.86	12.7 %	91.45	(17.0 %)
2016	1,654.41	(12.3 %)	388.93	(10.6 %)	55.19	(39.7 %)
2017	1,038.56	(37.2 %)	175.95	(54.8 %)	(112.29)	(303.5 %)
2018	774.03	(25.5 %)	99.92	(43.2 %)	(151.14)	(34.6 %)
2019	882.82	14.1 %	165.65	65.8 %	(26.20)	82.7 %
2020	932.70	5.6 %	195.56	18.1 %	(2.41)	90.8 %
2021	1,002.74	7.5 %	215.57	10.2 %	34.50	1529.0 %
2022	1,037.23	3.4 %	237.64	10.2 %	38.31	11.1 %

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	30.39 %	16.12 %	10.84 %
Q2 2013	28.83 %	14.07 %	8.79 %
Q3 2013	27.22 %	11.54 %	6.84 %
Q4 2013	23.87 %	8.62 %	3.84 %
2013	22.21 %	7.33 %	2.43 %
Q1 2014	21.12 %	5.30 %	0.50 %
Q2 2014	21.27 %	5.27 %	(0.03 %)
Q3 2014	22.24 %	6.12 %	1.53 %
Q4 2014	24.80 %	7.85 %	4.90 %
2014	24.80 %	7.85 %	4.90 %
Q1 2015	24.80 %	7.89 %	6.65 %
Q2 2015	24.25 %	7.33 %	8.82 %
Q3 2015	24.07 %	6.57 %	8.79 %
Q4 2015	23.05 %	5.56 %	7.28 %
2015	23.05 %	5.56 %	7.28 %
Q1 2016	23.46 %	5.60 %	7.46 %
Q2 2016	23.48 %	4.67 %	5.76 %
Q3 2016	22.78 %	3.99 %	3.42 %
Q4 2016	23.51 %	4.30 %	2.78 %
2016	23.51 %	4.30 %	2.78 %
Q1 2017	22.56 %	2.01 %	0.20 %
Q2 2017	20.90 %	(1.36 %)	(4.61 %)
Q3 2017	18.68 %	(5.64 %)	(10.03 %)
Q4 2017	16.94 %	(9.27 %)	(16.47 %)
2017	16.94 %	(9.27 %)	(16.47 %)
Q1 2018	17.60 %	(8.91 %)	(18.31 %)
Q2 2018	16.94 %	(12.50 %)	(22.82 %)
Q3 2018	17.54 %	(12.70 %)	(23.11 %)
Q4 2018	12.91 %	(17.55 %)	(21.48 %)
2018	12.91 %	(17.55 %)	(21.48 %)
Q1 2019	10.60 %	(19.42 %)	(22.88 %)
Q2 2019	10.96 %	(14.20 %)	(18.23 %)
Q3 2019	12.52 %	(9.91 %)	(12.22 %)
Q4 2019	18.76 %	(0.42 %)	(5.64 %)
2019	18.76 %	(0.42 %)	(5.64 %)
Q1 2020	20.08 %	1.17 %	(2.79 %)
Q2 2020	20.18 %	1.85 %	(0.95 %)
Q3 2020	20.58 %	2.89 %	0.10 %
Q4 2020	20.97 %	1.96 %	(0.64 %)
2020	20.97 %	1.96 %	(0.64 %)
Q1 2021	20.38 %	2.38 %	0.32 %
Q2 2021	20.85 %	3.14 %	0.43 %
Q3 2021	21.03 %	3.93 %	1.24 %
Q4 2021	21.49 %	5.09 %	2.73 %
2021	21.50 %	5.25 %	2.73 %
Q1 2022	22.76 %	6.55 %	3.54 %
Q2 2022	22.53 %	5.85 %	3.81 %
Q3 2022	22.55 %	5.40 %	3.55 %
Q4 2022	22.91 %	4.97 %	3.06 %
2022	22.91 %	4.97 %	3.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2013	22.21 %	7.33 %	2.43 %
2014	24.80 %	7.85 %	4.90 %
2015	23.05 %	5.56 %	7.28 %
2016	23.51 %	4.30 %	2.78 %
2017	16.94 %	(9.27 %)	(16.47 %)
2018	12.91 %	(17.55 %)	(21.48 %)
2019	18.76 %	(0.42 %)	(5.64 %)
2020	20.97 %	1.96 %	(0.64 %)
2021	21.50 %	5.25 %	2.73 %
2022	22.91 %	4.97 %	3.06 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2013	32.21 %	17.88 %	10.86 %
Q2 2013	26.20 %	12.31 %	7.56 %
Q3 2013	23.60 %	7.27 %	5.08 %
Q4 2013	8.33 %	(9.16 %)	(13.96 %)
Q1 2014	22.43 %	5.73 %	(2.47 %)
Q2 2014	27.13 %	12.83 %	6.54 %
Q3 2014	27.16 %	10.39 %	10.73 %
Q4 2014	20.95 %	(0.09 %)	2.43 %
Q1 2015	23.06 %	6.46 %	6.33 %
Q2 2015	24.99 %	10.03 %	12.75 %
Q3 2015	26.19 %	6.96 %	10.45 %
Q4 2015	16.01 %	(4.78 %)	(4.76 %)
Q1 2016	24.97 %	6.69 %	7.08 %
Q2 2016	25.37 %	7.91 %	8.28 %
Q3 2016	23.52 %	4.30 %	1.01 %
Q4 2016	18.65 %	(4.52 %)	(9.32 %)
Q1 2017	20.40 %	(4.74 %)	(5.16 %)
Q2 2017	20.37 %	(2.16 %)	(6.29 %)
Q3 2017	13.48 %	(14.42 %)	(24.24 %)
Q4 2017	10.15 %	(21.71 %)	(40.47 %)
Q1 2018	24.56 %	(1.58 %)	(9.57 %)
Q2 2018	19.34 %	(12.52 %)	(17.26 %)
Q3 2018	15.69 %	(15.68 %)	(25.82 %)
Q4 2018	(12.27 %)	(45.46 %)	(37.12 %)
Q1 2019	16.73 %	(7.34 %)	(13.88 %)
Q2 2019	19.04 %	2.78 %	(3.54 %)
Q3 2019	19.79 %	(0.15 %)	(2.44 %)
Q4 2019	19.17 %	2.22 %	(4.01 %)
Q1 2020	22.34 %	(0.09 %)	(1.32 %)
Q2 2020	19.46 %	5.04 %	2.84 %
Q3 2020	21.28 %	3.71 %	1.45 %
Q4 2020	21.08 %	(2.13 %)	(7.27 %)
Q1 2021	19.99 %	1.83 %	2.19 %
Q2 2021	21.19 %	7.53 %	3.02 %
Q3 2021	21.97 %	6.81 %	4.63 %
Q4 2021	23.87 %	3.80 %	0.19 %
Q1 2022	24.35 %	6.91 %	4.97 %
Q2 2022	20.43 %	5.10 %	3.96 %
Q3 2022	22.01 %	4.99 %	3.62 %
Q4 2022	25.36 %	2.02 %	(1.51 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2013	55.50	3.56	3.56	10.42
Q2 2013	55.50	3.41	2.78	11.77
Q3 2013	55.50	2.92	2.09	12.33
Q4 2013	55.50	2.25	1.17	11.78
Q1 2014	55.50	1.73	0.14	12.15
Q2 2014	55.50	7.27	(0.01)	17.46
Q3 2014	55.50	7.49	0.42	18.25
Q4 2014	55.50	7.87	1.38	16.49
Q1 2015	55.50	7.97	2.00	16.78
Q2 2015	55.50	2.56	2.91	18.44
Q3 2015	55.50	2.60	2.95	19.28
Q4 2015	55.50	2.46	2.48	18.95
Q1 2016	55.50	2.49	2.49	19.28
Q2 2016	55.50	1.86	1.81	20.13
Q3 2016	55.50	1.10	1.05	20.20
Q4 2016	55.50	0.88	0.83	18.81
Q1 2017	55.50	0.11	0.06	18.55
Q2 2017	55.50	(1.12)	(1.12)	18.17
Q3 2017	55.50	(2.08)	(2.08)	17.28
Q4 2017	55.50	(3.08)	(3.08)	15.75
Q1 2018	55.50	(3.18)	(3.18)	15.38
Q2 2018	55.50	(3.46)	(3.46)	14.72
Q3 2018	55.50	(3.39)	(3.39)	13.91
Q4 2018	55.50	(3.54)	(3.00)	12.20
Q1 2019	55.50	(3.66)	(3.12)	11.69
Q2 2019	55.50	(3.17)	(2.62)	11.51
Q3 2019	55.50	(2.47)	(1.92)	11.40
Q4 2019	55.50	(0.90)	(0.90)	11.24
Q1 2020	55.50	(0.46)	(0.46)	11.21
Q2 2020	55.50	(0.16)	(0.16)	11.31
Q3 2020	55.50	0.02	0.02	11.37
Q4 2020	55.50	0.13	(0.11)	10.73
Q1 2021	55.50	0.30	0.06	11.51
Q2 2021	55.50	0.32	0.08	11.02
Q3 2021	55.50	0.47	0.23	11.23
Q4 2021	55.50	0.49	0.49	11.22
Q1 2022	55.50	0.65	0.65	11.48
Q2 2022	55.50	0.70	0.70	11.69
Q3 2022	55.50	0.64	0.64	11.82
Q4 2022	55.50	0.59	0.57	11.79

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2013	55.50	2.25	0.72	11.78
2014	55.50	7.87	1.38	16.49
2015	55.50	2.46	2.48	18.95
2016	55.50	0.88	0.83	18.81
2017	55.50	(3.08)	(3.08)	15.75
2018	55.50	(3.54)	(3.00)	12.20
2019	55.50	(0.90)	(0.90)	11.24
2020	55.50	0.13	(0.11)	10.73
2021	55.50	0.49	0.49	11.22
2022	55.50	0.59	0.57	11.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2013	12.50	12.50	4.27
Q2 2013	14.97	18.38	4.34
Q3 2013	17.47	24.47	4.14
Q4 2013	19.52	37.45	3.74
Q1 2014	30.20	More than 100	4.30
Q2 2014	6.61	NEG	2.75
Q3 2014	7.36	More than 100	3.02
Q4 2014	4.80	27.44	2.29
Q1 2015	6.26	24.94	2.97
Q2 2015	18.47	16.25	2.56
Q3 2015	14.86	13.10	2.01
Q4 2015	13.07	12.99	1.70
Q1 2016	10.80	10.80	1.40
Q2 2016	14.86	15.28	1.38
Q3 2016	14.31	15.00	0.78
Q4 2016	21.68	23.00	1.01
Q1 2017	More than 100	More than 100	0.97
Q2 2017	NEG	NEG	0.82
Q3 2017	NEG	NEG	0.84
Q4 2017	NEG	NEG	0.84
Q1 2018	NEG	NEG	0.77
Q2 2018	NEG	NEG	0.87
Q3 2018	NEG	NEG	0.70
Q4 2018	NEG	NEG	0.79
Q1 2019	NEG	NEG	0.84
Q2 2019	NEG	NEG	0.84
Q3 2019	NEG	NEG	0.84
Q4 2019	NEG	NEG	1.10
Q1 2020	NEG	NEG	0.85
Q2 2020	NEG	NEG	1.08
Q3 2020	More than 100	More than 100	1.48
Q4 2020	More than 100	NEG	1.71
Q1 2021	74.22	More than 100	1.94
Q2 2021	More than 100	More than 100	3.38
Q3 2021	63.23	More than 100	2.66
Q4 2021	50.91	50.91	2.24
Q1 2022	38.51	38.51	2.17
Q2 2022	21.38	21.38	1.28
Q3 2022	26.16	26.16	1.41
Q4 2022	28.09	29.04	1.41

Period	P/E	Adjusted P/E	Price/book
2013	19.52	61.36	3.74
2014	4.80	27.44	2.29
2015	13.07	12.99	1.70
2016	21.68	23.00	1.01
2017	NEG	NEG	0.84
2018	NEG	NEG	0.79
2019	NEG	NEG	1.10
2020	More than 100	NEG	1.71
2021	50.92	50.92	2.24
2022	28.09	29.04	1.41

Business Segments (Million)

Compared With The

Period	HVAC Solutions	Home appliances	Other segments	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
Q1 2013	-	-	-	379.58	78.72
Q2 2013	-	-	-	355.32	109.30
Q3 2013	-	-	-	314.42	79.40
Q4 2013	-	-	-	240.71	77.73
Q1 2014	-	-	-	246.01	66.17
Q2 2014	-	-	-	417.85	66.56
Q3 2014	-	-	-	348.47	59.58
Q4 2014	-	-	-	117.32	234.71
Q1 2015	-	-	-	341.04	85.39
Q2 2015	-	-	-	523.13	120.12
Q3 2015	-	-	-	359.40	82.73
Q4 2015	-	-	-	278.73	95.99
Q1 2016	273.05	118.40	3.63	-	-
Q2 2016	389.18	139.57	5.01	-	-
Q3 2016	275.31	119.57	6.50	-	-
Q4 2016	228.19	87.40	8.61	-	-
Q1 2017	193.07	92.49	2.73	-	-
Q2 2017	222.43	108.78	5.26	-	-
Q3 2017	123.71	62.56	10.12	-	-
Q4 2017	123.20	72.23	12.19	-	-
Q1 2018	113.49	81.29	20.09	-	-
Q2 2018	137.99	71.09	3.28	-	-
Q3 2018	106.93	64.04	3.02	-	-
Q4 2018	112.20	61.84	(1.23)	-	-
Q1 2019	112.19	84.02	1.12	-	-
Q2 2019	172.62	79.67	1.25	-	-
Q3 2019	165.44	81.15	1.25	-	-
Q4 2019	110.14	59.42	14.55	-	-
Q1 2020	123.98	95.82	1.18	-	-
Q2 2020	166.08	99.69	2.01	-	-
Q3 2020	134.85	110.59	2.04	-	-
Q4 2020	114.79	76.58	5.12	-	-
Q1 2021	140.34	146.66	1.30	-	-
Q2 2021	170.59	118.04	0.86	-	-
Q3 2021	144.10	115.09	-	-	-
Q1 2022	144.08	153.15	-	-	-
Q2 2022	200.34	94.06	-	-	-
Q3 2022	174.87	60.70	-	-	-
Q4 2022	157.79	52.24	-	-	-

Period	HVAC Solutions	Home appliances	Other segments	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
2013	-	-	-	1,290.03	345.15
2014	-	-	-	1,129.65	427.01
2015	-	-	-	1,502.30	384.23
2016	1,165.72	464.93	23.75	-	-
2017	673.51	334.76	30.30	-	-
2018	470.61	278.26	25.16	-	-
2019	560.40	304.26	18.17	-	-
2020	539.69	382.67	10.34	-	-
2021	594.24	408.50	-	-	-
2022	677.07	360.15	-	-	-

Analysts Estimates (Million)

Item	Profit (Expected)	Profit (Actual)	Change	Profit Before Unusual Items	Change
Average	7.48	(2.11)	(128.1 %)	(3.18)	(142.5 %)

Estimates vs Actual (Million)

Item	Profit (Expected)	Profit (Actual)	Change‬	Profit Before Unusual Items	Change‬
SNB Capital	7.48	(2.11)	(455.3) %	(3.18)	(335.4) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,588.41
Enterprise Value (EV) (M)	1,815.45
Shares Outstanding ((M))	55.50
EPS ( Riyal) (TTM)	1.38
Book Value (BV) ( Riyal)	14.88
Par Value ( Riyal)	10.00
Recurring P/E	20.75
P/E (TTM)	20.75
Price/book	1.92
Return on Average Assets (%) (TTM)	4.4
Return on Average Equity (%) (TTM)	9.7
EV/adj EBITDA	21.70
EV/Revenues	1.26

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Shaker 2022 profit grows 20% to SAR 32.8 mln; incurs SAR 2.1 mln loss in Q4

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Financials (M)

Current Quarter Comparison (M)

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Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2022 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

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Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Shaker 2022 profit grows 20% to SAR 32.8 mln; incurs SAR 2.1 mln loss in Q4

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Financials (M)

Current Quarter Comparison (M)

Profit Performance (Million)

Profit Performance (Million)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2022

Revenue by Business Segment (Latest) 2022 Q4

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Business Segments (Million)