Shaker reports 95% profit growth to SAR 28.8 mln in Q1 2023

16/05/2023 Argaam Exclusive

Al Hassan Ghazi Ibrahim Shaker Co. reported a net profit of SAR 28.8 million in Q1 2023, a leap of 95% compared to SAR 14.8 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 297.23 346.56 16.6 %
Gross Income 72.37 87.11 20.4 %
Operating Income 16.58 27.87 68.1 %
Net Income 14.76 28.77 94.9 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.27 0.52 94.9 %

Shaker recorded revenue of SAR 346.56 million in Q1 2023, an increase of 16.60% year-on-year (YoY), driven by a diversified and expanded product portfolio, along with an expanded market share.

 

The HVAC solutions segment, including B2B and B2C offerings, experienced significant double-digit growth of 22.1% and the integration of LG’s full product range in Q1 2023 boosted the home appliances segment with an 11.4% YoY increase.

 

Gross profit rose 20.37% YoY to SAR 87.11 million, in line with higher revenue, and a favorable portfolio mix.

 

Operating income reached SAR 28.60 million in Q1 2023, up 64.84% YoY.

 

The significant growth in operating profit was primarily driven by higher revenue.

 

On a quarterly basis, the company turned profitable from a loss of SAR 2.11 million in Q4 2022.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 682.4 million in Q1 2023, compared to SAR 636.9 million a year earlier.

View More Financial Results

 

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Share Price

Al Hassan Ghazi Ibrahim Shaker Co.
24.50
(0.48) (1.92 %)

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Financial Ratios
Current
Market Cap (M Riyal) 1,359.75
Enterprise Value (EV) (M) 1,605.72
Shares Outstanding ((M)) 55.50
EPS ( Riyal) (TTM) 1.27
Book Value (BV) ( Riyal) 14.12
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 19.31
P/E (TTM) 19.31
Price/book 1.74
Return on Average Assets (%) (TTM) 4.2
Return on Average Equity (%) (TTM) 9.4
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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 312.18 (31.9 %) 70.03 (52.6 %) 14.41 (80.6 %)
Q2 2014 484.41 (8.0 %) 131.43 (4.8 %) 58.79 (10.9 %)
Q3 2014 408.05 3.6 % 110.81 19.2 % 39.38 56.1 %
Q4 2014 352.02 10.5 % 73.75 178.0 % (2.34) 92.9 %
Q1 2015 426.44 36.6 % 98.32 40.4 % 24.51 70.1 %
Q2 2015 643.25 32.8 % 160.77 22.3 % 61.59 4.8 %
Q3 2015 442.12 8.4 % 115.78 4.5 % 27.60 (29.9 %)
Q4 2015 374.72 6.4 % 60.00 (18.6 %) (22.24) (850.9 %)
Q1 2016 395.07 (7.4 %) 98.66 0.3 % 22.63 (7.6 %)
Q2 2016 533.76 (17.0 %) 135.40 (15.8 %) 37.88 (38.5 %)
Q3 2016 401.38 (9.2 %) 94.41 (18.5 %) 14.04 (49.1 %)
Q4 2016 324.20 (13.5 %) 60.46 0.8 % (19.37) 12.9 %
Q1 2017 288.30 (27.0 %) 58.81 (40.4 %) (17.68) (178.1 %)
Q2 2017 335.15 (37.2 %) 68.27 (49.6 %) (11.27) (129.8 %)
Q3 2017 202.89 (49.5 %) 27.34 (71.0 %) (33.32) (337.3 %)
Q4 2017 212.23 (34.5 %) 21.53 (64.4 %) (50.03) (158.3 %)
Q1 2018 214.87 (25.5 %) 52.77 (10.3 %) (6.60) 62.7 %
Q2 2018 212.36 (36.6 %) 41.06 (39.8 %) (31.30) (177.7 %)
Q3 2018 173.98 (14.2 %) 27.29 (0.2 %) (31.25) 6.2 %
Q4 2018 172.81 (18.6 %) (21.21) (198.5 %) (81.99) (63.9 %)
Q1 2019 197.33 (8.2 %) 33.02 (37.4 %) (19.50) (195.6 %)
Q2 2019 253.53 19.4 % 48.28 17.6 % 0.81 102.6 %
Q3 2019 247.84 42.5 % 49.05 79.7 % (3.12) 90.0 %
Q4 2019 184.12 6.5 % 35.29 266.4 % (4.40) 94.6 %
Q1 2020 220.98 12.0 % 49.36 49.5 % (5.17) 73.5 %
Q2 2020 267.77 5.6 % 52.12 7.9 % 8.01 886.3 %
Q3 2020 247.47 (0.2 %) 52.67 7.4 % 3.97 227.3 %
Q4 2020 196.49 6.7 % 41.41 17.4 % (9.22) (109.7 %)
Q1 2021 288.30 30.5 % 57.63 16.8 % 1.07 120.7 %
Q2 2021 289.48 8.1 % 61.33 17.7 % 15.20 89.7 %
Q3 2021 260.12 5.1 % 57.15 8.5 % 12.51 215.1 %
Q4 2021 165.76 (15.6 %) 39.57 (4.5 %) 4.15 145.0 %
Q1 2022 297.23 3.1 % 72.37 25.6 % 16.58 1449.6 %
Q2 2022 294.40 1.7 % 60.14 (1.9 %) 11.02 (27.5 %)
Q3 2022 235.67 (9.4 %) 51.86 (9.3 %) 8.45 (32.5 %)
Q4 2022 210.03 26.7 % 53.27 34.6 % 2.26 (45.5 %)
Q1 2023 346.56 16.6 % 87.11 20.4 % 27.87 68.1 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 20.62 (58.6 %) 0.37 28.31 (7.70) (0.14)
Q2 2014 382.45 410.4 % 6.89 350.75 31.70 0.57
Q3 2014 43.78 39.7 % 0.79 - 43.78 0.79
Q4 2014 (9.95) 67.9 % (0.18) (18.50) 8.55 0.15
Q1 2015 26.16 26.9 % 0.47 (0.86) 27.01 0.49
Q2 2015 82.01 (78.6 %) 1.48 - 82.01 1.48
Q3 2015 46.22 5.6 % 0.83 - 46.22 0.83
Q4 2015 (17.84) (79.4 %) (0.32) - (17.84) (0.32)
Q1 2016 27.98 7.0 % 0.50 - 27.98 0.50
Q2 2016 47.00 (42.7 %) 0.85 2.80 44.20 0.80
Q3 2016 4.04 (91.3 %) 0.07 - 4.04 0.07
Q4 2016 (30.21) (69.3 %) (0.54) - (30.21) (0.54)
Q1 2017 (14.89) (153.2 %) (0.27) - (14.89) (0.27)
Q2 2017 (21.09) (144.9 %) (0.38) - (21.09) (0.38)
Q3 2017 (49.17) (1317.4 %) (0.89) - (49.17) (0.89)
Q4 2017 (85.88) (184.3 %) (1.55) - (85.88) (1.55)
Q1 2018 (20.55) (38.0 %) (0.37) - (20.55) (0.37)
Q2 2018 (36.65) (73.7 %) (0.66) - (36.65) (0.66)
Q3 2018 (44.92) 8.6 % (0.81) - (44.92) (0.81)
Q4 2018 (94.42) (9.9 %) (1.70) (30.28) (64.14) (1.16)
Q1 2019 (27.39) (33.2 %) (0.49) - (27.39) (0.49)
Q2 2019 (8.96) 75.5 % (0.16) - (8.96) (0.16)
Q3 2019 (6.05) 86.5 % (0.11) - (6.05) (0.11)
Q4 2019 (7.39) 92.2 % (0.13) - (7.39) (0.13)
Q1 2020 (2.93) 89.3 % (0.05) - (2.93) (0.05)
Q2 2020 7.62 185.0 % 0.14 - 7.62 0.14
Q3 2020 3.59 159.3 % 0.06 - 3.59 0.06
Q4 2020 (0.85) 88.5 % (0.02) 13.43 (14.28) (0.26)
Q1 2021 6.32 315.9 % 0.11 - 6.32 0.11
Q2 2021 8.76 14.9 % 0.16 - 8.76 0.16
Q3 2021 12.03 235.6 % 0.22 - 12.03 0.22
Q4 2021 0.32 137.3 % 0.01 - 0.32 0.01
Q1 2022 14.76 133.6 % 0.27 - 14.76 0.27
Q2 2022 11.65 33.1 % 0.21 - 11.65 0.21
Q3 2022 8.52 (29.2 %) 0.15 - 8.52 0.15
Q4 2022 (2.11) (764.0 %) (0.04) 1.07 (3.18) (0.06)
Q1 2023 28.77 94.9 % 0.52 - 28.77 0.52

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
Q1 2017 22.56 % 2.01 % 0.20 %
Q2 2017 20.90 % (1.36 %) (4.61 %)
Q3 2017 18.68 % (5.64 %) (10.03 %)
Q4 2017 16.94 % (9.27 %) (16.47 %)
Q1 2018 17.60 % (8.91 %) (18.31 %)
Q2 2018 16.94 % (12.50 %) (22.82 %)
Q3 2018 17.54 % (12.70 %) (23.11 %)
Q4 2018 12.91 % (17.55 %) (21.48 %)
Q1 2019 10.60 % (19.42 %) (22.88 %)
Q2 2019 10.96 % (14.20 %) (18.23 %)
Q3 2019 12.52 % (9.91 %) (12.22 %)
Q4 2019 18.76 % (0.42 %) (5.64 %)
Q1 2020 20.08 % 1.17 % (2.79 %)
Q2 2020 20.18 % 1.85 % (0.95 %)
Q3 2020 20.58 % 2.89 % 0.10 %
Q4 2020 20.97 % 1.96 % (0.64 %)
Q1 2021 20.38 % 2.38 % 0.32 %
Q2 2021 20.85 % 3.14 % 0.43 %
Q3 2021 21.03 % 3.93 % 1.24 %
Q4 2021 21.49 % 5.09 % 2.73 %
Q1 2022 22.76 % 6.55 % 3.54 %
Q2 2022 22.53 % 5.85 % 3.81 %
Q3 2022 22.55 % 5.40 % 3.55 %
Q4 2022 22.91 % 4.97 % 3.06 %
Q1 2023 23.23 % 5.65 % 4.21 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2017 55.50 (3.08) (3.08) 15.75
Q1 2018 55.50 (3.18) (3.18) 15.38
Q2 2018 55.50 (3.46) (3.46) 14.72
Q3 2018 55.50 (3.39) (3.39) 13.91
Q4 2018 55.50 (3.54) (3.00) 12.20
Q1 2019 55.50 (3.66) (3.12) 11.69
Q2 2019 55.50 (3.17) (2.62) 11.51
Q3 2019 55.50 (2.47) (1.92) 11.40
Q4 2019 55.50 (0.90) (0.90) 11.24
Q1 2020 55.50 (0.46) (0.46) 11.21
Q2 2020 55.50 (0.16) (0.16) 11.31
Q3 2020 55.50 0.02 0.02 11.37
Q4 2020 55.50 0.13 (0.11) 10.73
Q1 2021 55.50 0.30 0.06 11.51
Q2 2021 55.50 0.32 0.08 11.02
Q3 2021 55.50 0.47 0.23 11.23
Q4 2021 55.50 0.49 0.49 11.22
Q1 2022 55.50 0.65 0.65 11.48
Q2 2022 55.50 0.70 0.70 11.69
Q3 2022 55.50 0.64 0.64 11.82
Q4 2022 55.50 0.59 0.57 11.79
Q1 2023 55.50 0.84 0.82 12.30

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2017 NEG NEG 0.84
Q1 2018 NEG NEG 0.77
Q2 2018 NEG NEG 0.87
Q3 2018 NEG NEG 0.70
Q4 2018 NEG NEG 0.79
Q1 2019 NEG NEG 0.84
Q2 2019 NEG NEG 0.84
Q3 2019 NEG NEG 0.84
Q4 2019 NEG NEG 1.10
Q1 2020 NEG NEG 0.85
Q2 2020 NEG NEG 1.08
Q3 2020 More than 100 More than 100 1.48
Q4 2020 More than 100 NEG 1.71
Q1 2021 74.22 More than 100 1.94
Q2 2021 More than 100 More than 100 3.38
Q3 2021 63.23 More than 100 2.66
Q4 2021 50.91 50.91 2.24
Q1 2022 38.51 38.51 2.17
Q2 2022 21.38 21.38 1.28
Q3 2022 26.16 26.16 1.41
Q4 2022 28.09 29.04 1.41
Q1 2023 20.18 20.66 1.39

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 Eliminations
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 - - -
Q4 2017 123.20 72.23 12.19 - - -
Q1 2018 113.49 81.29 20.09 - - -
Q2 2018 137.99 71.09 3.28 - - -
Q3 2018 106.93 64.04 3.02 - - -
Q4 2018 112.20 61.84 (1.23) - - -
Q1 2019 112.19 84.02 1.12 - - -
Q2 2019 172.62 79.67 1.25 - - -
Q3 2019 165.44 81.15 1.25 - - -
Q4 2019 110.14 59.42 14.55 - - -
Q1 2020 123.98 95.82 1.18 - - -
Q2 2020 166.08 99.69 2.01 - - -
Q3 2020 134.85 110.59 2.04 - - -
Q4 2020 114.79 76.58 5.12 - - -
Q1 2021 140.34 146.66 1.30 - - -
Q2 2021 170.59 118.04 0.86 - - -
Q3 2021 144.10 115.09 - - - -
Q1 2022 144.08 153.15 - - - -
Q2 2022 200.34 94.06 - - - -
Q3 2022 174.87 60.70 - - - -
Q4 2022 157.79 52.24 - - - -
Q1 2023 175.91 170.65 - - - -

Analysts Estimates (Million)

Item Q1 2023 (e) Q1 2023 (a) Change‬
Average 15.40 28.77 86.82 %

Estimates vs Actual (Million)

Item Q1 2023 (e) Q1 2023 (a) Change
SNB Capital 15.40 28.77 86.8 %

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