Al Hassan Ghazi Ibrahim Shaker Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 315,950289,4819.14319,937-1.25
Gross Profit (Loss) 65,56861,3326.9177,634-15.54
Operational Profit (Loss) 12,93514,416-10.2715,510-16.6
Net Profit (Loss) after Zakat and Tax 11,89210,76610.4614,474-17.84
Total Comprehensive Income 11,81510,9697.7113,709-13.81
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 635,887577,78210.06
Gross Profit (Loss) 143,202118,96320.38
Operational Profit (Loss) 28,44716,03877.37
Net Profit (Loss) after Zakat and Tax 26,36815,30472.29
Total Comprehensive Income 25,52616,22757.3
Total Share Holders Equity (after Deducting Minority Equity) 648,523611,3886.07
Profit (Loss) per Share 0.550.24
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Al Hassan Ghazi Ibrahim Shaker Co. (“The Company” or “Shaker”) achieved a net profit of SAR 11.9 million in Q2-2022, a 10.5% year-on-year (YoY) increase from SAR 10.8 million in Q2-2021.

Q2-2022 vs Q2-2021

The reasons for the increase in net profit during the current quarter Q2-2022, compared to the same quarter of the previous year, Q2-2021, are:

• Revenues: Q2-2022 revenues grew 9.1% y-o-y to reach SAR 316.0 million from SAR 289.5 million in Q2-2021. Revenue growth was driven mainly by higher realized sales in the HVAC solutions segment. (Increase of 21.0% from SAR 168.7 million in Q2-2021 to SAR 204.2 million in Q2-2022)

• Gross profit: Gross profit for Q2-2022 was SAR 65.6 million, an increase of 6.9% from SAR 61.3 million in Q2-2021. Gross profit for Q2-2022 grew at a lower rate compared to the growth in revenues due to increase in cost of goods sold (COGS).

• Net Profit: Shaker’s net profit stood at SAR 11.9 million in Q2-2022 compared to SAR 10.8 million in Q2-2021, an increase of 10.5% driven by higher top line growth and offset marginally by increased selling and distribution expenses

• EPS: As a result, earnings per share grew 73.8% to SAR 0.24 in Q2-2022 compared to SAR 0.14 in Q2-2021

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is Q2-2022 vs Q1-2022

Shaker’s net profit for Q2-2022 declined as compared to Q1-2021 due to:

• Revenues were slightly lower at SAR 316.0 million in Q2-2022 compared to SAR 319.9 million in Q1-2022, registering a marginal drop of 1.2% due to decrease in home appliance segment partially compensated by a slight increase in HVAC segment

• Gross profit decreased 15.5% this quarter to SAR 65.6 million from SAR 77.6 million in Q1-2022 due to sales seasonality and impact of COGS

• Leading to net profit decrease by 17.8% quarter on quarter (SAR 11.9 million in Q2-2022 vs SAR 14.5 million in Q1-2022)

The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is H1-2022 vs H1-2021

Shaker’s net profit for H1-2022 registered a significant increase of 72.3% to SAR 26.4 million from SAR 15.3 million in H1-2021, due to:

• Revenues: Revenues grew by 10.1% from SAR 577.8 million in H1-2021 to SAR 635.9 million in H1-2022

• Gross Profit: Gross profit reached SAR 143.2 million in H1-2022 compared to SAR 119.0 million in H1-2021, a growth of 20.4%

• As a result of implementation of efficiencies and optimization efforts across the board, the revenue growth rate outpaced the increase in direct and indirect costs, which resulted in a significantly improved net profit for H1-2022 compared to H1-2021

Statement of the type of external auditor's report Unmodified conclusion
Reclassification of Comparison Items The comparative figures of the Condensed Consolidated Interim Financial Statements have been reclassified 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 Outlook & Strategy

Shaker maintains strong financial fundamentals with robust risk and capital management practices, defined forward-looking strategy and drivers and a strong leadership team and visionary board of directors that will enable the company to benefit from future growth opportunities.

The company’s core business strategy is focused on increasing market share and optimizing its existing and new brand and product portfolio mix. Shaker continues to explore and strengthen its engagement and partnerships with leading international brands to manufacture and distribute home appliances and ACs in the Kingdom.

In addition, the company contributes to the economic growth and attracting investments that support the goals of Vision 2030, including the continuous support for megaprojects such as NEOM, Amaala, Red Sea Development and Roshn.

Capital Decrease

Following the regulatory and shareholder approval received at the EGM held on 15 May 2022, the company has reduced its share capital from SAR 630 million to SAR 482.3 million (or 23.4% of the capital) via cancellation of 14.8 million ordinary shares, successfully improving its financial positioning and eliminating the accumulated losses to 0%.

- The company's capital before the reduction: (630,000,000) Saudi riyals

- The company's capital after reduction: (482,334,000) Saudi riyals

- Number of shares before the reduction: (63,000,000) shares

- Number of shares after the reduction: (48,233,400) shares

- Reduction rate: 23.44% of the company's capital

Refer to Tadawul Announcement dated 16 May 2022.

Earnings / (Loss) calculation per Share for Q2 2022 after capital reduction

(All figures are in (Thousands) Saudi Arabia Riyals)

Profit for Q2 2022 SAR 11,892

Less Non-Controlling interests SAR 241

Profit attributable to owners of the company (A) SAR 11,651

Number of shares (B) 48,233.40

Profit per share (calculated (A) divided by (B)) SAR 0.24

Earnings / (Loss) calculation per Share for Q2 2021

(All figures are in (Thousands) Saudi Arabia Riyals)

Profit for Q2 2021 SAR 10,766

Less Non-Controlling interests SAR 2,011

Profit attributable to owners of the company (A) SAR 8,755

Number of shares (B) 63,000

Profit per share (calculated (A) divided by (B)) SAR 0.14

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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