KSA Business: Al Hassan Ghazi Ibrahim Shaker 9M net jumps 27.2pc to $9.4m – Gulf Digital News

KSA Business: Al Hassan Ghazi Ibrahim Shaker 9M net jumps 27.2pc to $9.4m – Gulf Digital News

Al Hassan Ghazi Ibrahim Shaker Co, KSA’s leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has seen net profit for 9M 2022 jump 27.2% y-o-y at SR35.2 million ($9.4 million).

Total revenues for the first nine months of the year increased by 6.7% y-o-y to reach SR893.1 million, as significant improvements in operational efficiencies were reflected in gross profit and income from operations.

The thriving B2B segment drove revenues from HVAC solutions higher by 17.1% y-o-y compared to 9M 2021 and operating profit rose 44.8% during the period compared to 9M 2021.

Third quarter performance

Meanwhile, the company reported total revenues of SR257.8 million for the third quarter of 2022, showing resilience despite softening in consumer discretionary spending and a rising inflationary environment. During Q3, a strong performance in revenues for HVAC Solutions was largely offset by a slowdown in consumer activity and seasonality trends, putting downward pressure on Home Appliance sales and keeping total revenues broadly flat y-o-y.

The HVAC solutions segment continued to lead revenue growth rising 25.1% in Q3 2022 and 17.1% in 9M 2022 compared to the respective comparative periods from last year. Shaker remains focused on strengthening its B2B market share and presence to ensure an optimum