Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a net profit after Zakat and tax of SAR 34.9 million for the first nine months of 2022, an increase of 29% from SAR 27.1 million in the year-earlier period.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 836.98 | 827.20 | (1.2 %) |
| Gross Income | 176.00 | 184.37 | 4.8 % |
| Operating Income | 30.35 | 36.05 | 18.8 % |
| Net Income | 27.11 | 34.94 | 28.9 % |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | 0.49 | 0.63 | 28.9 % |
This profit growth was fueled by a 6.7% increase in revenue year-on-year (YoY), higher gross profit and increased other income.
Q3 2022 net profit dropped 29% to SAR 8.5 million, from SAR 12.03 million a year earlier, driven by lower revenues due to slower consumer activity as well as inflationary pressures affecting spending across the consumer discretionary sector. This was offset by the growth in the heating, ventilation, and air-conditioning (HVAC) solutions segment mainly driven by mega project wins and B2B activity.
The company also cited a marginal increase in gross profit to SAR 57.6 million.
On a sequential basis, net profit fell 26.8% from SAR 11.65 million.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 260.12 | 235.67 | (9.4 %) |
| Gross Income | 57.15 | 51.86 | (9.3 %) |
| Operating Income | 12.51 | 8.45 | (32.5 %) |
| Net Income | 12.03 | 8.52 | (29.2 %) |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | 0.22 | 0.15 | (29.2 %) |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 294.40 | 235.67 | (19.9 %) |
| Gross Income | 60.14 | 51.86 | (13.8 %) |
| Operating Income | 11.02 | 8.45 | (23.3 %) |
| Net Income | 11.65 | 8.52 | (26.8 %) |
| Average Shares | 55.50 | 55.50 | - |
| EPS (Riyals) | 0.21 | 0.15 | (26.8 %) |
Total shareholders’ equity, excluding minority interest, reached SAR 656.233 million as of Sept. 30, 2022, compared to SAR 623.271 million in the prior-year period.
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