Shaker turns to SAR 85 mln loss in 9M 2017

07/11/2017 Argaam Exclusive

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Al-Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a net loss of SAR 85.16 million for the first nine months of 2017, compared to a net profit of SAR 79.03 million in the same period last year due to a drop in sales, an increase in the cost of sales and an increase in other expenses.

The company’s share of profit from associates also dropped while financial charges increased.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	1,330.20	826.33	(37.9 %)
Gross Income	328.47	154.42	(53.0 %)
Operating Income	74.55	(62.26)	(183.5 %)
Net Income	79.03	(85.16)	(207.8 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	1.42	(1.53)	(207.8 %)

The company reported a net loss of SAR 49.17 million for the third quarter compared to a net profit of SAR 4.04 in the same quarter last year on lower sales and higher cost of sales.

When compared to Q2 2017, net loss more than doubled.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	401.38	202.89	(49.5 %)
Gross Income	94.41	27.34	(71.0 %)
Operating Income	14.04	(33.32)	(337.3 %)
Net Income	4.04	(49.17)	(1317.4 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	0.07	(0.89)	(1317.4 %)

Item	Q2 2017	Q3 2017	Change‬
Revenues	335.15	202.89	(39.5 %)
Gross Income	68.27	27.34	(59.9 %)
Operating Income	(11.27)	(33.32)	(195.6 %)
Net Income	(21.09)	(49.17)	(133.1 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	(0.38)	(0.89)	(133.1 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	-	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-	-
2008	917.70	22.4 %	244.49	31.9 %	103.03	31.9 %	1.86
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	295.04	-	107.56	-	53.86	-	0.97
Q4 2009	182.11	-	55.64	-	11.66	-	0.21
2009	997.69	8.7 %	312.24	27.7 %	132.48	28.6 %	2.39
Q1 2010	224.35	-	69.71	-	19.29	-	0.35
Q2 2010	350.76	-	125.41	-	58.33	-	1.05
Q3 2010	336.54	14.1 %	108.56	0.9 %	46.57	(13.5 %)	0.84
Q4 2010	244.09	34.0 %	83.14	49.4 %	21.04	80.5 %	0.38
2010	1,155.74	15.8 %	386.82	23.9 %	145.23	9.6 %	2.62
Q1 2011	323.04	44.0 %	94.51	35.6 %	33.61	74.2 %	0.61
Q2 2011	556.37	58.6 %	166.27	32.6 %	73.63	26.2 %	1.33
Q3 2011	413.68	22.9 %	130.54	20.2 %	54.98	18.0 %	0.99
Q4 2011	273.08	11.9 %	75.31	(9.4 %)	18.00	(14.5 %)	0.32
2011	1,566.17	35.5 %	466.64	20.6 %	180.22	24.1 %	3.25
Q1 2012	375.87	16.4 %	114.07	20.7 %	40.03	19.1 %	0.72
Q2 2012	590.87	6.2 %	184.87	11.2 %	82.96	12.7 %	1.49
Q3 2012	455.98	10.2 %	138.15	5.8 %	58.41	6.2 %	1.05
Q4 2012	315.19	15.4 %	82.60	9.7 %	6.24	(65.3 %)	0.11
2012	1,737.91	11.0 %	519.69	11.4 %	187.64	4.1 %	3.38
Q1 2013	458.30	21.9 %	147.64	29.4 %	49.79	24.4 %	0.90
Q2 2013	526.79	(10.8 %)	138.03	(25.3 %)	74.94	(9.7 %)	1.35
Q3 2013	393.82	(13.6 %)	92.95	(32.7 %)	31.35	(46.3 %)	0.56
Q4 2013	318.44	1.0 %	26.53	(67.9 %)	(30.98)	(596.3 %)	(0.56)
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	125.09	(33.3 %)	2.25
Q1 2014	312.18	(31.9 %)	70.03	(52.6 %)	20.62	(58.6 %)	0.37
Q2 2014	484.41	(8.0 %)	131.43	(4.8 %)	382.45	410.4 %	6.89
Q3 2014	408.05	3.6 %	110.81	19.2 %	43.78	39.7 %	0.79
Q4 2014	352.02	10.5 %	73.75	178.0 %	(9.95)	67.9 %	(0.18)
2014	1,556.66	(4.8 %)	386.02	6.3 %	436.90	249.3 %	7.87
Q1 2015	426.44	36.6 %	98.32	40.4 %	26.16	26.9 %	0.47
Q2 2015	643.25	32.8 %	160.77	22.3 %	82.01	(78.6 %)	1.48
Q3 2015	442.12	8.4 %	115.78	4.5 %	46.22	5.6 %	0.83
Q4 2015	374.72	6.4 %	60.00	(18.6 %)	(17.84)	(79.4 %)	(0.32)
2015	1,886.53	21.2 %	434.86	12.7 %	136.54	(68.7 %)	2.46
Q1 2016	395.07	(7.4 %)	98.66	0.3 %	27.98	7.0 %	0.50
Q2 2016	533.76	(17.0 %)	135.40	(15.8 %)	47.00	(42.7 %)	0.85
Q3 2016	401.38	(9.2 %)	94.41	(18.5 %)	4.04	(91.3 %)	0.07
Q4 2016	324.20	(13.5 %)	60.46	0.8 %	(30.21)	(69.3 %)	(0.54)
2016	1,654.41	(12.3 %)	388.93	(10.6 %)	48.82	(64.2 %)	0.88
Q1 2017	288.30	(27.0 %)	58.81	(40.4 %)	(14.89)	(153.2 %)	(0.27)
Q2 2017	335.15	(37.2 %)	68.27	(49.6 %)	(21.09)	(144.9 %)	(0.38)
Q3 2017	202.89	(49.5 %)	27.34	(71.0 %)	(49.17)	(1317.4 %)	(0.89)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	750.05	16.5 %	185.39	18.2 %	78.10	27.5 %	2.26
2008	917.70	22.4 %	244.49	31.9 %	103.03	31.9 %	1.86
2009	997.69	8.7 %	312.24	27.7 %	132.48	28.6 %	2.39
2010	1,155.74	15.8 %	386.82	23.9 %	145.23	9.6 %	2.62
2011	1,566.17	35.5 %	466.64	20.6 %	180.22	24.1 %	3.25
2012	1,737.91	11.0 %	519.69	11.4 %	187.64	4.1 %	3.38
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	125.09	(33.3 %)	2.25
2014	1,556.66	(4.8 %)	386.02	6.3 %	436.90	249.3 %	7.87
2015	1,886.53	21.2 %	434.86	12.7 %	136.54	(68.7 %)	2.46
2016	1,654.41	(12.3 %)	388.93	(10.6 %)	48.82	(64.2 %)	0.88

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	26.64 %	12.88 %	11.23 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	31.30 %	16.36 %	13.28 %
Q1 2010	-	-	-
Q2 2010	34.05 %	18.02 %	13.60 %
Q3 2010	32.85 %	16.68 %	12.42 %
Q4 2010	33.47 %	17.08 %	12.57 %
2010	33.47 %	17.08 %	12.57 %
Q1 2011	32.81 %	16.63 %	12.72 %
Q2 2011	30.99 %	15.60 %	11.98 %
Q3 2011	30.87 %	15.80 %	11.92 %
Q4 2011	29.79 %	15.28 %	11.51 %
2011	29.79 %	15.28 %	11.51 %
Q1 2012	30.03 %	15.61 %	11.53 %
Q2 2012	30.53 %	16.33 %	11.85 %
Q3 2012	30.22 %	16.41 %	11.76 %
Q4 2012	29.90 %	15.56 %	10.80 %
2012	29.90 %	15.56 %	10.80 %
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 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	24.72 %	11.73 %	10.41 %
2008	26.64 %	12.88 %	11.23 %
2009	31.30 %	16.36 %	13.28 %
2010	33.47 %	17.08 %	12.57 %
2011	29.79 %	15.28 %	11.51 %
2012	29.90 %	15.56 %	10.80 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	36.46 %	-	18.26 %
Q4 2009	30.55 %	9.08 %	6.40 %
Q1 2010	31.07 %	15.29 %	8.60 %
Q2 2010	35.75 %	21.26 %	16.63 %
Q3 2010	32.26 %	16.96 %	13.84 %
Q4 2010	34.06 %	12.87 %	8.62 %
Q1 2011	29.26 %	14.09 %	10.40 %
Q2 2011	29.89 %	16.86 %	13.23 %
Q3 2011	31.56 %	17.44 %	13.29 %
Q4 2011	27.58 %	10.21 %	6.59 %
Q1 2012	30.35 %	15.68 %	10.65 %
Q2 2012	31.29 %	18.80 %	14.04 %
Q3 2012	30.30 %	17.61 %	12.81 %
Q4 2012	26.21 %	6.36 %	1.98 %
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 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	55.50	-	-	6.69
Q4 2009	55.50	-	-	6.90
Q1 2010	55.50	-	-	7.25
Q2 2010	55.50	2.58	2.58	8.30
Q3 2010	55.50	2.45	2.45	9.14
Q4 2010	55.50	2.62	2.62	7.62
Q1 2011	55.50	2.87	2.87	8.23
Q2 2011	55.50	3.15	3.15	9.56
Q3 2011	55.50	3.30	3.30	10.55
Q4 2011	55.50	3.25	3.25	8.66
Q1 2012	55.50	3.36	3.36	9.38
Q2 2012	55.50	3.53	3.53	10.88
Q3 2012	55.50	3.59	3.59	11.93
Q4 2012	55.50	3.38	3.38	9.52
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	34.52	2.26	2.26	6.68
2008	55.50	1.86	1.86	6.63
2009	55.50	2.39	2.39	6.90
2010	55.50	2.62	2.62	7.62
2011	55.50	3.25	3.25	8.66
2012	55.50	3.38	3.38	9.52
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

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	14.18	14.18	4.41
Q3 2010	17.91	17.91	4.80
Q4 2010	14.64	14.64	5.03
Q1 2011	11.79	11.79	4.12
Q2 2011	13.47	13.47	4.44
Q3 2011	12.23	12.23	3.83
Q4 2011	11.90	11.90	4.46
Q1 2012	13.08	13.08	4.69
Q2 2012	12.77	12.77	4.15
Q3 2012	12.20	12.20	3.67
Q4 2012	12.04	12.04	4.27
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

Period	P/E	Adjusted P/E	Price/book
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	14.64	14.64	5.03
2011	11.90	11.90	4.46
2012	12.04	12.04	4.27
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

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 2010	-	-	-	178.77	45.58
Q2 2010	-	-	-	298.73	52.03
Q3 2010	-	-	-	277.14	59.40
Q4 2010	-	-	-	200.83	43.26
Q1 2011	-	-	-	269.90	53.13
Q2 2011	-	-	-	468.10	88.27
Q3 2011	-	-	-	344.15	69.53
Q4 2011	-	-	-	215.53	57.56
Q1 2012	-	-	-	291.10	84.77
Q2 2012	-	-	-	499.14	91.73
Q3 2012	-	-	-	375.26	80.72
Q4 2012	-	-	-	247.69	67.51
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	-	-

Period	HVAC Solutions	Home appliances	Other segments	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production
2009	-	-	-	828.57	169.12
2010	-	-	-	955.46	200.27
2011	-	-	-	1,297.68	268.48
2012	-	-	-	1,413.19	324.73
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	-	-

Analysts Estimates (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change‬
Average	(22.00)	(49.17)	(123.5 %)

Estimates vs Actual (Million)

Item	Q3 2017 (e)	Q3 2017 (a)	Change
Al Rajhi Capital	(22.00)	(49.17)	(123.5) %
SNB Capital	(22.00)	(49.17)	(123.5) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,623.38
Enterprise Value (EV) (M)	1,972.70
Shares Outstanding ((M))	55.50
EPS ( Riyal) (TTM)	1.24
Book Value (BV) ( Riyal)	13.51
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	23.32
P/E (TTM)	23.56
Price/book	2.17
Return on Average Assets (%) (TTM)	4.0
Return on Average Equity (%) (TTM)	9.6

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Shaker turns to SAR 85 mln loss in 9M 2017

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Financials (M)

Current Quarter Comparison (M)

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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) 2017 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

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Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Shaker turns to SAR 85 mln loss in 9M 2017

View other reports

Financials (M)

Current Quarter Comparison (M)

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) Q3 2017

Revenue by Business Segment (Latest) 2017 Q3

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)