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Al Hassan Ghazi Ibrahim Shaker Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 1,415,906 | 1,236,237 | 14.53 | ||
| Gross Profit (Loss) | 346,523 | 317,763 | 9.05 | ||
| Operational Profit (Loss) | 82,172 | 89,151 | -7.83 | ||
| Net profit (Loss) | 81,586 | 65,427 | 24.7 | ||
| Total Comprehensive Income | 80,440 | 63,526 | 26.62 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 798,169 | 717,729 | 11.21 | ||
| Profit (Loss) per Share | 1.47 | 1.17 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | Al Hassan Ghazi Ibrahim Shaker Co. (“The Company” or “Shaker”) achieved its highest full year revenue since 2016 of SAR 1,415.91 million in FY24, marking a 14.53% year-on-year (YoY) growth compared to SAR 1,236.24 million in FY23. This increase was primarily driven by strong HVAC solutions growth across B2B and B2C channels. Revenues from the HVAC solutions segment rose by 31.73%, which effectively offset a 18.05% decline in the Home Appliances segment. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | Shaker reported its highest full year net profit since 2015 of SAR 81.59 million in FY24, an increase of 24.70% compared to the net profit of SAR 65.43 million in FY23. Revenue: Revenues grew by 14.53% YoY reaching SAR 1,415.91 million in FY24. Gross Profit: Gross Profit achieved a strong growth of 9.05% YoY reaching SAR 346.52 million in FY24, compared to SAR 317.76 million in FY23, supported by higher revenues. Operating Profit: Income from operations decreased by 7.83% YoY to SAR 82.17 million in FY24, compared to SAR 89.15 million in FY23, due to strategic investments in staffing and higher impairment losses on trade and other receivables. Net Profit: Net profit registered a 24.70% YoY increase, up from SAR 65.43 million in FY23, to reach SAR 81.59 million in FY24. This improvement was driven by higher revenues and gross profit, reduced finance costs, lower zakat expense, and increased share of profit from LG-Shaker factory. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | Not Applicable |
| Reclassification of Comparison Items | The comparative figures for the earnings per share of the Condensed Consolidated Interim Financial Statements have been adjusted to meet the current year classification according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia. |
| Additional Information | As a result of issuance of bonus shares, as approved by the Extraordinary General Assembly on 19 May 2024, the weighted average number of ordinary shares outstanding has been retrospectively adjusted for the prior period to reflect the effect of the changes in number of shares. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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