Al Hassan Ghazi Ibrahim Shaker Co. reports outstanding Q1-FY23 results

Al Hassan Ghazi Ibrahim Shaker Co. reports outstanding Q1-FY23 results

- Shaker achieves outstanding Q1-FY23 results, marking a significant milestone in its strategic growth journey

Riyadh, Saudi Arabia: Al Hassan Ghazi Ibrahim Shaker Co. (“Shaker”, the “Group” or the “Company”), Saudi Arabia’s leading importer, manufacturer, and distributor of Air Conditioners and Home Appliances, has announced its financial results for the first quarter ended 31 March 2023, highlighting a strong start to the year as the Company expands its footprint in the market.

Q1-FY23 Highlights:

- Revenue of SAR 346.56 million, up 16.60% year-on-year (YoY), driven by growth in the HVAC solutions segment and integration of LG's full product range in the home appliance and electronics segment.

- Gross profit of SAR 87.11 million, up 20.37% YoY, in line with higher revenues and a favorable portfolio mix.

- Operating income of SAR 28.60 million, up 64.84% YoY, primarily driven by higher revenues and lower provisions due to improved policies and proactive measures.

- Net profit of SAR 28.77 million, up 94.91% YoY, driven by strong revenue growth, enhanced operational performance, and a more than doubled share of profit from the LG-Shaker JV HVAC factory.

- EPS* of SAR 0.60 per share, improved by more than 2.5x YoY.

*Post-capital reduction in Q2-FY22.

*Discontinued operations are excluded from the year over year