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.
| 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 | - |
| EPS (Riyals) | 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.
| 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 | - |
| EPS (Riyals) | 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 | - |
| EPS (Riyals) | 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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