Al Hassan Ghazi Ibrahim Shaker Co. posted a leap of 76% in net profit to SAR 61.4 million in the first nine months of 2023, compared to SAR 34.9 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 827.20 | 976.68 | 18.1 % |
| Gross Income | 184.37 | 242.70 | 31.6 % |
| Operating Income | 36.05 | 65.63 | 82.1 % |
| Net Income | 34.94 | 61.43 | 75.8 % |
| Average Shares | 48.23 | 48.23 | - |
| EPS (Riyals) | 0.72 | 1.27 | 75.8 % |
The strong profit was backed by an increase of 18.07% year-on-year (YoY) in revenue, as the growth strategy gains were realized leading to an enhanced product portfolio across the core business segments, along with a steady growth in market share.
As a result, the HVAC solutions revenue and home appliances revenue grew by 20.03% and 14.77% YoY, respectively.
Additionally, efficient cost of goods sold (COGS) management achieved through an optimized portfolio mix led to a 31.64% increase in gross profit from SAR 184.37 million to SAR 242.70 million YoY.
Shaker’s profit share from LG Shaker jumped 87.28% YoY.
By contrast, selling, general and administrative expenses increased on expansion initiatives. The company also reported higher finance costs amid increased SAIBOR rates.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 235.67 | 322.72 | 36.9 % |
| Gross Income | 51.86 | 81.36 | 56.9 % |
| Operating Income | 9.21 | 18.68 | 102.9 % |
| Net Income | 8.52 | 16.77 | 96.8 % |
| Average Shares | 48.23 | 48.23 | - |
| EPS (Riyals) | 0.18 | 0.35 | 96.8 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 307.39 | 322.72 | 5.0 % |
| Gross Income | 74.23 | 81.36 | 9.6 % |
| Operating Income | 19.08 | 18.68 | (2.1 %) |
| Net Income | 15.89 | 16.77 | 5.6 % |
| Average Shares | 48.23 | 48.23 | - |
| EPS (Riyals) | 0.33 | 0.35 | 5.6 % |
The three-month net profit soared 97% to SAR 16.8 million from SAR 8.5 million in Q3 2022.
Revenue jumped 37% YoY, thanks to better HVAC and home appliance sales.
The HVAC solutions segment revenue (including B2B and B2C offerings) grew by 30.28% YoY, while home appliances increased by 56.33%.
Gross profit climbed 56.88% YoY to SAR 81.36 million in the three-month period, compared to SAR 51.86 million a year earlier.
Bottom line also grew by 5.6% quarter-on-quarter (QoQ) from SAR 15.89 million in Q2 2023.
Total shareholders’ equity, no minority interest, stood at SAR 713.87 million as of Sept. 30, 2023, compared to SAR 656.23 million a year earlier.
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