‎“Shaker” profits jumped 95% during Q1, to SR29 million‎

Al-Hassan Ghazi Ibrahim Shaker Company revealed that the net profit after zakat and tax in the first quarter increased to 28.7 million riyals, compared to 14.7 million riyals in the same quarter of last year, by 95%. This came after today’s announcement of the preliminary financial results for the period ending in 2023. 31-03 (three months).

The operating profit amounted to 28.6 million riyals in the first quarter, compared to 17.3 million riyals in the same quarter of the previous year, at a rate of 64.8%.

The total shareholders’ equity “without minority rights” amounted to 682.4 million riyals in the current period, compared to 637 million riyals in the same period last year, an increase of 7%.

Earnings per share in the current period reached 0.6 riyals, compared to 0.23 riyals in the same period last year.

– Al-Hassan Ghazi Ibrahim Shaker Company (“the company” or “shaker”) achieved a net profit of 28.77 million riyals in the first quarter of the fiscal year 2023, an increase of 94.9% compared to 14.76 million riyals in the first quarter of the fiscal year. 2022.

Revenue:

Shaker achieved revenues of 346.56 million riyals in the first quarter of fiscal year 2023, an increase of 16.60% compared to 297.23 million riyals in the first quarter of fiscal year 2022, driven by a diversified and broad product portfolio, in addition to increasing its market share. ,

The HVAC Solutions segment (including the consumer segment and the enterprise segment) grew by 22.1%, and the consolidation of LG’s full product portfolio in the first quarter of FY2023 fueled the growth of the home appliances segment by 11.4% compared to the same quarter. From the previous year.

Gross profit:

Gross profit increased by 20.37% compared to the same quarter of the previous year, to reach 87.11 million riyals in the first quarter of the fiscal year 2023, compared to 72.37 million riyals in the first quarter of the fiscal year 2022.

The increase in gross profit came in line with the increase in revenues and the diversification of the company’s product portfolio

Operational profits:

Operational profit amounted to 28.60 million riyals for the fiscal year 2023, an increase of 64.84% compared to 17.35 million riyals in the first quarter of the fiscal year 2022.

The significant growth in operating profit was mainly due to an increase in revenue and gross margin coupled with a lower provision for impairment in trade and other receivables. This led to offsetting the increase in selling expenses and general and administrative expenses in line with the expansion of sales, marketing, after-sales services and service initiatives.

Net profit:

The net profit attributable to the company’s owners increased significantly by 94.91%, from 14.76 million riyals in the first quarter of 2022 to reach 28.77 million riyals in the first quarter of the fiscal year 2023.

The reason for the strong growth in net profit was due to higher revenues, improved operating performance, and a doubling of profit from the company’s stake in the LG Shaker HVAC Solutions factory, which offset higher financing costs in line with the rise in interbank interest rates. Saudi Arabia (SIBUR).

As a result, earnings per share improved by more than 2.5 times, to reach 0.60 riyals per share, as a result of the increase in net profit.

– Al-Hassan Ghazi Ibrahim Shaker Company (the “company” or “Shaker”) also achieved a net profit of 28.77 million riyals in the first quarter of the fiscal year 2023, compared to a net loss of 2.11 million riyals in the fourth quarter of the fiscal year 2022. ,.

Revenue:

Shaker achieved revenues of 346.56 million riyals in the first quarter of fiscal year 2023, a growth of 65.01% on a quarterly basis from 210.03 million riyals in the fourth quarter of fiscal year 2022, driven by the continued growth of core business in the first quarter of fiscal year 2023. From It is important to note that the seasonal factor of the sector is considered a major driver of the performance of this quarter compared to the previous quarter.

Gross profit:

Shaker’s total profit increased by 63.51% on a quarterly basis, to reach 87.11 million riyals in the first quarter of the fiscal year 2023, compared to 53.27 million riyals in the fourth quarter of the fiscal year 2022.

The increase in gross profit was due to the increase in revenues and the improvement of the company’s business portfolio. Gross profit margin remained relatively stable, indicating sustainable operational efficiency

Operational profits:

Operational profits increased significantly by 684.77% on a quarterly basis to reach 28.60 million riyals in the first quarter of the fiscal year 2023 compared to 3.65 million riyals in the fourth quarter of the fiscal year 2022. The significant growth in operating profits was mainly driven by an increase Revenue and core business growth, while general and administrative expenses were only marginally higher on a quarterly basis.

Net profit:

The net profit attributable to the company’s owners achieved a significant transformation and improvement, reaching 28.77 million riyals in the first quarter of the fiscal year 2023, from a net loss of 2.1 million riyals in the fourth quarter of the fiscal year 2022. The reason for the strong growth in net profit is due to the increase in revenues, and the improvement of Operational performance, and the increase in the company’s profit share in the LG Shaker plant for heating, ventilation and air conditioning solutions, which compensated for the high financing costs.