Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) recorded a net profit after Zakat and tax worth SAR 32.83 million in 2022, higher by 19.72% than SAR 27.42 million in 2021.

The Saudi firm generated revenues worth SAR 1.03 billion in the January-December 2022 period, up 3.44% year-on-year (YoY) from SAR 1 billion, according to the annual financial results.

Earnings per share (EPS) jumped by 56.38% to SAR 0.68 last year from SAR 0.44 in 2021.

Mohammed Ibrahim Abunayyan, CEO of Shaker Group, indicated: “Shaker delivered yet another year of growth and profitability. Despite the challenging market conditions in the second half of the year, we have continued to execute our strategy, optimizing our portfolio, enhancing our operations, and strengthening our partnerships.”

“With the successful clearance of our accumulated losses, repayment of long-term debt, and maintenance of profitability and growth, we are well-positioned to continue our journey towards becoming the region’s leading provider of high-quality, energy-efficient home appliances and HVAC solutions,” Abunayyan commented.

The CEO highlighted: “As part of this commitment, we are exploring plans to manufacture all air conditioners sold in the Saudi market locally at the state-of-the-art LG Shaker factory in Riyadh.”

In the first nine months (9M) of 2022, Shaker Group registered a 28.89% YoY surge in net profit after Zakat and tax to SAR 34.93 million from SAR 27.10 million.

Revenues grew by 6.70% to SAR 893.05 million in 9M-22 from SAR 836.98 million in 9M-21, while the EPS went up to SAR 0.72 from SAR 0.43.

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