Al Hassan Shaker reports 248% profit leap in 2021

Al Hassan Ghazi Ibrahim Shaker Co. reported a net profit jump of 248% to SR 27.9 million in 2021 from SR 8.02 million in 2020.

The company said in its financial result statement published on Tadawul that its operational profit rose by 208% to SR 37.2 million last year from SR 12.09 million the year before.

Gross profits soared by 20.4% to SR 235.5 million in 2021 compared to SR 195.5 million during the same period of 2020.

Profit per share (EPS) also jumped to SR 0.44 from SR 0.12. Total shareholders’ equity (after deducting minority equity) rose 4.6% to SR 622.9 million from SR 595.3 million.

Higher profits were mainly driven by the company’s enhanced sales strategy which contributed to maximizing sales outcomes across all core segments including Home Appliances and ACs as well as the B2B and ESCO segments.