Shaker CEO says Q3 2020 performance backed by stable sales revenue, cost-cutting initiatives

Al Hassan Ghazi Ibrahim Shaker Co.’s Q3 2020 outstanding performance in Q3 2020 was driven by stable sales revenue, continued cost reduction initiatives and a strict compliance to the operational pillars of the company’s strategic transformation program, chief executive officer Azzam Almudaiheem said while commenting on the company’s third-quarter financial results.

“Shaker reported outstanding performance, despite the current economic challenges,” Almudaiheem added.

“In Q3 2020, the Kingdom eased the COVID-19 lockdown measures nationwide, which supported improved economic activity and solid purchasing trends across our customer segments. Our home appliances portfolio continues to grow, and we have also been pleased to achieve growth in our projects business,” Almudaiheem said.

Navigating headwinds in the three-month period, Shaker saw some disruptions in supply chain due to a typhoon in South Korea that affected one of its partner brands. However, the company managed to mitigate the negative repercussions of this event, while safeguarding inventory.

“Looking forward, we continue to build a resilient operating model, implement cost-efficiency initiatives, expand our portfolio, and enhance our e-commerce platform, which we expect to grow in importance onwards,” Almudaiheem noted.

Shaker reported SAR 4.2 million earnings in Q3 2020, versus SAR 6.05 million losses in year-earlier period, Argaam reported.