Shaker profits fall 16% in Q1 2025 to SAR 27.2M

Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a 16% profit drop to SAR 27.2 million by the end of Q1 2025, from SAR 32.2 million in Q1 2024.

Current Quarter Comparison (Million Riyal)

Compared With The

Item	Q1 2024	Q1 2025	Change‬
Revenues	413.24	400.42	(3.1 %)
Gross Income	97.77	100.63	2.9 %
Operating Income	30.56	24.70	(19.2 %)
Net Income	32.25	27.21	(15.6 %)
Average Shares	66.60	66.60	-
Earnings Per Share before unusual items (Riyal)	0.48	0.41	(15.6 %)
EPS (Riyal)	0.48	0.41	(15.6 %)

Item	Q4 2024	Q1 2025	Change‬
Revenues	298.91	400.42	34.0 %
Gross Income	76.72	100.63	31.2 %
Operating Income	11.75	24.70	110.2 %
Net Income	15.17	27.21	79.3 %
Average Shares	66.60	66.60	-
Earnings Per Share before unusual items (Riyal)	0.23	0.41	79.3 %
EPS (Riyal)	0.23	0.41	79.3 %

Revenues declined by 3.1% year-on-year (YoY) to SAR 400.42 million in Q1 2025, on a drop in revenues from the home appliances segment.

Shaker reported a 20% YoY fall in operating profits to SAR 25.08 million in Q1 2025, on higher operating expenses (OpEx).

The company’s share of profit from an associate company declined, along with incurring a foreign exchange loss during the period. However, this was partially offset by a reduction in financing costs.

Meanwhile, there was a 1.59% growth in revenues from the HVAC solutions segment.

Gross profit recorded an increase of 2.93% YoY, reaching SAR 100.63 million in Q1 2025, backed by improved cost efficiency and diversification of the company’s product portfolio.

Total shareholders’ equity, no minority interest, rose to SAR 825.67 million by the end of Q1 2025, compared to SAR 749.65 million a year earlier.

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Share Price

	Current
Market Cap (M Riyal)	616.84
Enterprise Value (EV) (M Riyal)	866.68
Shares Outstanding ((M))	67.71
Recurring EPS ( Riyal) (TTM)	0.78
Book Value (BV) ( Riyal)	13.14
Par Value ( Riyal)	10.00
Recurring P/E (TTM)	11.74
P/E (TTM)	11.74
Price/book	0.69
Dividend Yield (%) (Last Year)	-
Return on Average Assets (%) (TTM)	2.9
Return on Average Equity (%) (TTM)	6.1
EV/adj EBITDA	10.52
EV/Revenues	0.63

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	644.06	-	156.90	-	67.87	-
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	750.05	16.5 %	185.39	18.2 %	82.35	21.3 %
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	917.70	22.4 %	244.49	31.9 %	109.58	33.1 %
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	295.04	-	107.56	-	64.25	-
Q4 2009	182.11	-	55.64	-	13.48	-
2009	997.69	8.7 %	312.24	27.7 %	152.45	39.1 %
Q1 2010	224.35	-	69.71	-	30.85	-
Q2 2010	350.76	-	125.41	-	70.47	-
Q3 2010	336.54	14.1 %	108.56	0.9 %	52.52	(18.3 %)
Q4 2010	244.09	34.0 %	83.14	49.4 %	26.51	96.6 %
2010	1,155.74	15.8 %	386.82	23.9 %	180.35	18.3 %
Q1 2011	323.04	44.0 %	94.51	35.6 %	39.86	29.2 %
Q2 2011	556.37	58.6 %	166.27	32.6 %	88.08	25.0 %
Q3 2011	413.68	22.9 %	130.54	20.2 %	65.92	25.5 %
Q4 2011	273.08	11.9 %	75.31	(9.4 %)	20.67	(22.0 %)
2011	1,566.17	35.5 %	466.64	20.6 %	214.53	19.0 %
Q1 2012	375.87	16.4 %	114.07	20.7 %	51.83	30.0 %
Q2 2012	590.87	6.2 %	184.87	11.2 %	103.55	17.6 %
Q3 2012	455.98	10.2 %	138.15	5.8 %	72.29	9.7 %
Q4 2012	315.19	15.4 %	82.60	9.7 %	11.86	(42.6 %)
2012	1,737.91	11.0 %	519.69	11.4 %	239.54	11.7 %
Q1 2013	458.30	21.9 %	147.64	29.4 %	74.17	43.1 %
Q2 2013	526.79	(10.8 %)	138.03	(25.3 %)	66.00	(36.3 %)
Q3 2013	393.82	(13.6 %)	92.95	(32.7 %)	25.23	(65.1 %)
Q4 2013	318.44	1.0 %	26.53	(67.9 %)	(32.97)	(377.9 %)
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	106.00	(55.7 %)
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 %
2014	1,556.66	(4.8 %)	386.02	6.3 %	110.24	4.0 %
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 %)
2015	1,886.53	21.2 %	434.86	12.7 %	91.45	(17.0 %)
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 %
2016	1,654.41	(12.3 %)	388.93	(10.6 %)	55.19	(39.7 %)
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 %)
2017	1,038.56	(37.2 %)	175.95	(54.8 %)	(112.29)	(303.5 %)
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 %)
2018	774.03	(25.5 %)	99.92	(43.2 %)	(151.14)	(34.6 %)
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 %
2019	882.82	14.1 %	165.65	65.8 %	(26.20)	82.7 %
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 %)
2020	932.70	5.6 %	195.56	18.1 %	(2.41)	90.8 %
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 %
2021	1,002.74	7.5 %	215.57	10.2 %	34.50	1529.0 %
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 %)
2022	1,037.23	3.4 %	237.64	10.2 %	38.31	11.1 %
Q1 2023	346.56	16.6 %	87.11	20.4 %	27.87	68.1 %
Q2 2023	307.39	4.4 %	74.23	23.4 %	19.08	73.1 %
Q3 2023	322.72	36.9 %	81.36	56.9 %	18.68	121.1 %
Q4 2023	259.56	23.6 %	75.06	40.9 %	21.33	843.4 %
2023	1,236.24	19.2 %	317.76	33.7 %	86.96	127.0 %
Q1 2024	413.24	19.2 %	97.77	12.2 %	30.56	9.6 %
Q2 2024	345.14	12.3 %	83.19	12.1 %	11.86	(37.8 %)
Q3 2024	358.62	11.1 %	88.85	9.2 %	21.43	14.7 %
Q4 2024	298.91	15.2 %	76.72	2.2 %	11.75	(44.9 %)
2024	1,415.91	14.5 %	346.52	9.1 %	75.60	(13.1 %)
Q1 2025	400.42	(3.1 %)	100.63	2.9 %	24.70	(19.2 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2006	644.06	-	156.90	-	67.87	-
2007	750.05	16.5 %	185.39	18.2 %	82.35	21.3 %
2008	917.70	22.4 %	244.49	31.9 %	109.58	33.1 %
2009	997.69	8.7 %	312.24	27.7 %	152.45	39.1 %
2010	1,155.74	15.8 %	386.82	23.9 %	180.35	18.3 %
2011	1,566.17	35.5 %	466.64	20.6 %	214.53	19.0 %
2012	1,737.91	11.0 %	519.69	11.4 %	239.54	11.7 %
2013	1,635.18	(5.9 %)	363.22	(30.1 %)	106.00	(55.7 %)
2014	1,556.66	(4.8 %)	386.02	6.3 %	110.24	4.0 %
2015	1,886.53	21.2 %	434.86	12.7 %	91.45	(17.0 %)
2016	1,654.41	(12.3 %)	388.93	(10.6 %)	55.19	(39.7 %)
2017	1,038.56	(37.2 %)	175.95	(54.8 %)	(112.29)	(303.5 %)
2018	774.03	(25.5 %)	99.92	(43.2 %)	(151.14)	(34.6 %)
2019	882.82	14.1 %	165.65	65.8 %	(26.20)	82.7 %
2020	932.70	5.6 %	195.56	18.1 %	(2.41)	90.8 %
2021	1,002.74	7.5 %	215.57	10.2 %	34.50	1529.0 %
2022	1,037.23	3.4 %	237.64	10.2 %	38.31	11.1 %
2023	1,236.24	19.2 %	317.76	33.7 %	86.96	127.0 %
2024	1,415.91	14.5 %	346.52	9.1 %	75.60	(13.1 %)

Profit Performance (Million Riyal)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
Q1 2006	-	-	-	-	-	-
Q2 2006	-	-	-	-	-	-
Q3 2006	-	-	-	-	-	-
Q4 2006	-	-	-	-	-	-
2006	61.26	-	1.48	-	61.26	1.48
Q1 2007	-	-	-	-	-	-
Q2 2007	-	-	-	-	-	-
Q3 2007	-	-	-	-	-	-
Q4 2007	-	-	-	-	-	-
2007	78.10	27.5 %	1.89	-	78.10	1.89
Q1 2008	-	-	-	-	-	-
Q2 2008	-	-	-	-	-	-
Q3 2008	-	-	-	-	-	-
Q4 2008	-	-	-	-	-	-
2008	103.03	31.9 %	1.55	-	103.03	1.55
Q1 2009	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-
Q3 2009	53.86	-	0.81	-	53.86	0.81
Q4 2009	11.66	-	0.18	-	11.66	0.18
2009	132.48	28.6 %	1.99	-	132.48	1.99
Q1 2010	19.29	-	0.29	-	19.29	0.29
Q2 2010	58.33	-	0.88	-	58.33	0.88
Q3 2010	46.57	(13.5 %)	0.70	-	46.57	0.70
Q4 2010	21.04	80.5 %	0.32	-	21.04	0.32
2010	145.23	9.6 %	2.18	-	145.23	2.18
Q1 2011	33.61	74.2 %	0.50	-	33.61	0.50
Q2 2011	73.63	26.2 %	1.11	-	73.63	1.11
Q3 2011	54.98	18.0 %	0.83	-	54.98	0.83
Q4 2011	18.00	(14.5 %)	0.27	-	18.00	0.27
2011	180.22	24.1 %	2.71	-	180.22	2.71
Q1 2012	40.03	19.1 %	0.60	-	40.03	0.60
Q2 2012	82.96	12.7 %	1.25	-	82.96	1.25
Q3 2012	58.41	6.2 %	0.88	-	58.41	0.88
Q4 2012	6.24	(65.3 %)	0.09	-	6.24	0.09
2012	187.64	4.1 %	2.82	-	187.64	2.82
Q1 2013	49.79	24.4 %	0.75	-	49.79	0.75
Q2 2013	74.94	(9.7 %)	1.13	35.09	39.85	0.60
Q3 2013	31.35	(46.3 %)	0.47	11.34	20.00	0.30
Q4 2013	(30.98)	(596.3 %)	(0.47)	13.47	(44.45)	(0.67)
2013	125.09	(33.3 %)	1.88	85.30	39.79	0.60
Q1 2014	20.62	(58.6 %)	0.31	28.31	(7.70)	(0.12)
Q2 2014	382.45	410.4 %	5.74	350.75	31.70	0.48
Q3 2014	43.78	39.7 %	0.66	-	43.78	0.66
Q4 2014	(9.95)	67.9 %	(0.15)	(18.50)	8.55	0.13
2014	436.90	249.3 %	6.56	360.56	76.34	1.15
Q1 2015	26.16	26.9 %	0.39	(0.86)	27.01	0.41
Q2 2015	82.01	(78.6 %)	1.23	-	82.01	1.23
Q3 2015	46.22	5.6 %	0.69	-	46.22	0.69
Q4 2015	(17.84)	(79.4 %)	(0.27)	-	(17.84)	(0.27)
2015	136.54	(68.7 %)	2.05	(0.86)	137.39	2.06
Q1 2016	27.98	7.0 %	0.42	-	27.98	0.42
Q2 2016	47.00	(42.7 %)	0.71	2.80	44.20	0.66
Q3 2016	4.04	(91.3 %)	0.06	-	4.04	0.06
Q4 2016	(30.21)	(69.3 %)	(0.45)	-	(30.21)	(0.45)
2016	48.82	(64.2 %)	0.73	2.80	46.02	0.69
Q1 2017	(14.89)	(153.2 %)	(0.22)	-	(14.89)	(0.22)
Q2 2017	(21.09)	(144.9 %)	(0.32)	-	(21.09)	(0.32)
Q3 2017	(49.17)	(1317.4 %)	(0.74)	-	(49.17)	(0.74)
Q4 2017	(85.88)	(184.3 %)	(1.29)	-	(85.88)	(1.29)
2017	(171.04)	(450.4 %)	(2.57)	-	(171.04)	(2.57)
Q1 2018	(20.55)	(38.0 %)	(0.31)	-	(20.55)	(0.31)
Q2 2018	(36.65)	(73.7 %)	(0.55)	-	(36.65)	(0.55)
Q3 2018	(44.92)	8.6 %	(0.67)	-	(44.92)	(0.67)
Q4 2018	(94.42)	(9.9 %)	(1.42)	(30.28)	(64.14)	(0.96)
2018	(196.54)	(14.9 %)	(2.95)	(30.28)	(166.26)	(2.50)
Q1 2019	(27.39)	(33.2 %)	(0.41)	-	(27.39)	(0.41)
Q2 2019	(8.96)	75.5 %	(0.13)	-	(8.96)	(0.13)
Q3 2019	(6.05)	86.5 %	(0.09)	-	(6.05)	(0.09)
Q4 2019	(7.39)	92.2 %	(0.11)	-	(7.39)	(0.11)
2019	(49.79)	74.7 %	(0.75)	-	(49.79)	(0.75)
Q1 2020	(2.93)	89.3 %	(0.04)	-	(2.93)	(0.04)
Q2 2020	7.62	185.0 %	0.11	-	7.62	0.11
Q3 2020	3.59	159.3 %	0.05	-	3.59	0.05
Q4 2020	(0.85)	88.5 %	(0.01)	13.43	(14.28)	(0.21)
2020	7.43	114.9 %	0.11	13.43	(6.00)	(0.09)
Q1 2021	6.32	315.9 %	0.09	-	6.32	0.09
Q2 2021	8.76	14.9 %	0.13	-	8.76	0.13
Q3 2021	12.03	235.6 %	0.18	-	12.03	0.18
Q4 2021	0.32	137.3 %	0.00	-	0.32	0.00
2021	27.42	269.3 %	0.41	-	27.42	0.41
Q1 2022	14.76	133.6 %	0.22	-	14.76	0.22
Q2 2022	11.65	33.1 %	0.17	-	11.65	0.17
Q3 2022	8.52	(29.2 %)	0.13	-	8.52	0.13
Q4 2022	(2.11)	(764.0 %)	(0.03)	1.07	(3.18)	(0.05)
2022	32.83	19.7 %	0.49	1.07	31.76	0.48
Q1 2023	28.77	94.9 %	0.43	-	28.77	0.43
Q2 2023	15.89	36.3 %	0.24	-	15.89	0.24
Q3 2023	16.77	96.8 %	0.25	-	16.77	0.25
Q4 2023	4.00	289.9 %	0.06	-	4.00	0.06
2023	65.43	99.3 %	0.98	-	65.43	0.98
Q1 2024	32.25	12.1 %	0.48	-	32.25	0.48
Q2 2024	16.45	3.5 %	0.25	-	16.45	0.25
Q3 2024	17.72	5.6 %	0.27	-	17.72	0.27
Q4 2024	15.17	279.6 %	0.23	-	15.17	0.23
2024	81.59	24.7 %	1.23	-	81.59	1.23
Q1 2025	27.21	(15.6 %)	0.41	-	27.21	0.41

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS(Riyal)
2006	61.26	-	1.48	-	61.26	1.48
2007	78.10	27.5 %	1.89	-	78.10	1.89
2008	103.03	31.9 %	1.55	-	103.03	1.55
2009	132.48	28.6 %	1.99	-	132.48	1.99
2010	145.23	9.6 %	2.18	-	145.23	2.18
2011	180.22	24.1 %	2.71	-	180.22	2.71
2012	187.64	4.1 %	2.82	-	187.64	2.82
2013	125.09	(33.3 %)	1.88	85.30	39.79	0.60
2014	436.90	249.3 %	6.56	360.56	76.34	1.15
2015	136.54	(68.7 %)	2.05	(0.86)	137.39	2.06
2016	48.82	(64.2 %)	0.73	2.80	46.02	0.69
2017	(171.04)	(450.4 %)	(2.57)	-	(171.04)	(2.57)
2018	(196.54)	(14.9 %)	(2.95)	(30.28)	(166.26)	(2.50)
2019	(49.79)	74.7 %	(0.75)	-	(49.79)	(0.75)
2020	7.43	114.9 %	0.11	13.43	(6.00)	(0.09)
2021	27.42	269.3 %	0.41	-	27.42	0.41
2022	32.83	19.7 %	0.49	1.07	31.76	0.48
2023	65.43	99.3 %	0.98	-	65.43	0.98
2024	81.59	24.7 %	1.23	-	81.59	1.23

Profitability

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
2006	24.36 %	11.32 %	9.51 %
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
2007	24.72 %	11.73 %	10.41 %
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
2008	26.64 %	12.88 %	11.23 %
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	31.30 %	16.36 %	13.28 %
Q1 2010	-	-	-
Q2 2010	34.05 %	-	13.60 %
Q3 2010	32.85 %	16.68 %	12.42 %
Q4 2010	33.47 %	17.08 %	12.57 %
2010	33.47 %	17.08 %	12.57 %
Q1 2011	32.81 %	16.63 %	12.72 %
Q2 2011	30.99 %	15.60 %	11.98 %
Q3 2011	30.87 %	15.80 %	11.92 %
Q4 2011	29.79 %	15.28 %	11.51 %
2011	29.79 %	15.28 %	11.51 %
Q1 2012	30.03 %	15.61 %	11.53 %
Q2 2012	30.53 %	16.33 %	11.85 %
Q3 2012	30.22 %	16.41 %	11.76 %
Q4 2012	29.90 %	15.56 %	10.80 %
2012	29.90 %	15.56 %	10.80 %
Q1 2013	30.39 %	16.11 %	10.84 %
Q2 2013	28.83 %	14.54 %	8.79 %
Q3 2013	27.22 %	12.03 %	6.84 %
Q4 2013	23.87 %	9.10 %	3.84 %
2013	22.21 %	7.33 %	2.43 %
Q1 2014	21.12 %	5.84 %	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 %
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 %
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 %
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 %)
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 %)
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 %)
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 %)
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 %
2021	21.50 %	5.25 %	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 %
2022	22.91 %	4.97 %	3.06 %
Q1 2023	23.23 %	5.65 %	4.21 %
Q2 2023	24.23 %	6.19 %	4.55 %
Q3 2023	24.94 %	6.55 %	4.91 %
Q4 2023	25.70 %	7.88 %	5.29 %
2023	25.70 %	7.88 %	5.29 %
Q1 2024	25.21 %	7.67 %	5.29 %
Q2 2024	25.17 %	6.88 %	5.18 %
Q3 2024	25.05 %	6.87 %	5.12 %
Q4 2024	24.47 %	6.09 %	5.76 %
2024	24.47 %	6.09 %	5.76 %
Q1 2025	24.90 %	5.83 %	5.46 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
2006	24.36 %	11.32 %	9.51 %
2007	24.72 %	11.73 %	10.41 %
2008	26.64 %	12.88 %	11.23 %
2009	31.30 %	16.36 %	13.28 %
2010	33.47 %	17.08 %	12.57 %
2011	29.79 %	15.28 %	11.51 %
2012	29.90 %	15.56 %	10.80 %
2013	22.21 %	7.33 %	2.43 %
2014	24.80 %	7.85 %	4.90 %
2015	23.05 %	5.56 %	7.28 %
2016	23.51 %	4.30 %	2.78 %
2017	16.94 %	(9.27 %)	(16.47 %)
2018	12.91 %	(17.55 %)	(21.48 %)
2019	18.76 %	(0.42 %)	(5.64 %)
2020	20.97 %	1.96 %	(0.64 %)
2021	21.50 %	5.25 %	2.73 %
2022	22.91 %	4.97 %	3.06 %
2023	25.70 %	7.88 %	5.29 %
2024	24.47 %	6.09 %	5.76 %

Period	Gross Margin	Adjusted EBITDA margin	Net Margin Before Unusual Items
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	36.46 %	-	18.26 %
Q4 2009	30.55 %	9.08 %	6.40 %
Q1 2010	31.07 %	15.29 %	8.60 %
Q2 2010	35.75 %	21.26 %	16.63 %
Q3 2010	32.26 %	16.96 %	13.84 %
Q4 2010	34.06 %	12.87 %	8.62 %
Q1 2011	29.26 %	14.09 %	10.40 %
Q2 2011	29.89 %	16.86 %	13.23 %
Q3 2011	31.56 %	17.44 %	13.29 %
Q4 2011	27.58 %	10.21 %	6.59 %
Q1 2012	30.35 %	15.68 %	10.65 %
Q2 2012	31.29 %	18.80 %	14.04 %
Q3 2012	30.30 %	17.61 %	12.81 %
Q4 2012	26.21 %	6.36 %	1.98 %
Q1 2013	32.21 %	17.85 %	10.86 %
Q2 2013	26.20 %	13.90 %	7.56 %
Q3 2013	23.60 %	7.27 %	5.08 %
Q4 2013	8.33 %	(9.16 %)	(13.96 %)
Q1 2014	22.43 %	5.73 %	(2.47 %)
Q2 2014	27.13 %	12.83 %	6.54 %
Q3 2014	27.16 %	10.39 %	10.73 %
Q4 2014	20.95 %	(0.09 %)	2.43 %
Q1 2015	23.06 %	6.46 %	6.33 %
Q2 2015	24.99 %	10.03 %	12.75 %
Q3 2015	26.19 %	6.96 %	10.45 %
Q4 2015	16.01 %	(4.78 %)	(4.76 %)
Q1 2016	24.97 %	6.69 %	7.08 %
Q2 2016	25.37 %	7.91 %	8.28 %
Q3 2016	23.52 %	4.30 %	1.01 %
Q4 2016	18.65 %	(4.52 %)	(9.32 %)
Q1 2017	20.40 %	(4.74 %)	(5.16 %)
Q2 2017	20.37 %	(2.16 %)	(6.29 %)
Q3 2017	13.48 %	(14.42 %)	(24.24 %)
Q4 2017	10.15 %	(21.71 %)	(40.47 %)
Q1 2018	24.56 %	(1.58 %)	(9.57 %)
Q2 2018	19.34 %	(12.52 %)	(17.26 %)
Q3 2018	15.69 %	(15.68 %)	(25.82 %)
Q4 2018	(12.27 %)	(45.46 %)	(37.12 %)
Q1 2019	16.73 %	(7.34 %)	(13.88 %)
Q2 2019	19.04 %	2.78 %	(3.54 %)
Q3 2019	19.79 %	(0.15 %)	(2.44 %)
Q4 2019	19.17 %	2.22 %	(4.01 %)
Q1 2020	22.34 %	(0.09 %)	(1.32 %)
Q2 2020	19.46 %	5.04 %	2.84 %
Q3 2020	21.28 %	3.71 %	1.45 %
Q4 2020	21.08 %	(2.13 %)	(7.27 %)
Q1 2021	19.99 %	1.83 %	2.19 %
Q2 2021	21.19 %	7.53 %	3.02 %
Q3 2021	21.97 %	6.81 %	4.63 %
Q4 2021	23.87 %	3.80 %	0.19 %
Q1 2022	24.35 %	6.91 %	4.97 %
Q2 2022	20.43 %	5.10 %	3.96 %
Q3 2022	22.01 %	4.99 %	3.62 %
Q4 2022	25.36 %	2.02 %	(1.51 %)
Q1 2023	25.13 %	8.78 %	8.30 %
Q2 2023	24.15 %	7.03 %	5.17 %
Q3 2023	25.21 %	6.63 %	5.20 %
Q4 2023	28.92 %	9.22 %	1.54 %
Q1 2024	23.66 %	7.97 %	7.80 %
Q2 2024	24.10 %	4.05 %	4.77 %
Q3 2024	24.77 %	6.61 %	4.94 %
Q4 2024	25.67 %	5.22 %	5.08 %
Q1 2025	25.13 %	7.11 %	6.79 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
Q1 2006	-	-	-	-
Q2 2006	-	-	-	-
Q3 2006	-	-	-	-
Q4 2006	-	-	-	-
Q1 2007	-	-	-	-
Q2 2007	-	-	-	-
Q3 2007	-	-	-	-
Q4 2007	-	-	-	-
Q1 2008	-	-	-	-
Q2 2008	-	-	-	-
Q3 2008	-	-	-	-
Q4 2008	-	-	-	-
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	66.60	-	-	5.57
Q4 2009	66.60	-	-	5.75
Q1 2010	66.60	-	-	6.04
Q2 2010	66.60	2.15	2.15	6.91
Q3 2010	66.60	2.04	2.04	7.61
Q4 2010	66.60	2.18	2.18	6.35
Q1 2011	66.60	2.40	2.40	6.86
Q2 2011	66.60	2.63	2.63	7.96
Q3 2011	66.60	2.75	2.75	8.79
Q4 2011	66.60	2.71	2.71	7.22
Q1 2012	66.60	2.80	2.80	7.82
Q2 2012	66.60	2.94	2.94	9.07
Q3 2012	66.60	2.99	2.99	9.94
Q4 2012	66.60	2.82	2.82	7.93
Q1 2013	66.60	2.96	2.96	8.68
Q2 2013	66.60	2.84	2.32	9.81
Q3 2013	66.60	2.44	1.74	10.28
Q4 2013	66.60	1.88	0.98	9.81
Q1 2014	66.60	1.44	0.12	10.12
Q2 2014	66.60	6.06	(0.01)	14.55
Q3 2014	66.60	6.24	0.35	15.21
Q4 2014	66.60	6.56	1.15	13.74
Q1 2015	66.60	6.64	1.67	13.98
Q2 2015	66.60	2.13	2.42	15.37
Q3 2015	66.60	2.17	2.46	16.06
Q4 2015	66.60	2.05	2.06	15.80
Q1 2016	66.60	2.08	2.08	16.07
Q2 2016	66.60	1.55	1.51	16.77
Q3 2016	66.60	0.92	0.88	16.83
Q4 2016	66.60	0.73	0.69	15.68
Q1 2017	66.60	0.09	0.05	15.46
Q2 2017	66.60	(0.93)	(0.93)	15.14
Q3 2017	66.60	(1.73)	(1.73)	14.40
Q4 2017	66.60	(2.57)	(2.57)	13.13
Q1 2018	66.60	(2.65)	(2.65)	12.82
Q2 2018	66.60	(2.89)	(2.89)	12.27
Q3 2018	66.60	(2.82)	(2.82)	11.60
Q4 2018	66.60	(2.95)	(2.50)	10.16
Q1 2019	66.60	(3.05)	(2.60)	9.74
Q2 2019	66.60	(2.64)	(2.18)	9.59
Q3 2019	66.60	(2.05)	(1.60)	9.50
Q4 2019	66.60	(0.75)	(0.75)	9.37
Q1 2020	66.60	(0.38)	(0.38)	9.34
Q2 2020	66.60	(0.13)	(0.13)	9.42
Q3 2020	66.60	0.01	0.01	9.47
Q4 2020	66.60	0.11	(0.09)	8.94
Q1 2021	66.60	0.25	0.05	9.60
Q2 2021	66.60	0.27	0.07	9.18
Q3 2021	66.60	0.39	0.19	9.36
Q4 2021	66.60	0.41	0.41	9.35
Q1 2022	66.60	0.54	0.54	9.56
Q2 2022	66.60	0.58	0.58	9.74
Q3 2022	66.60	0.53	0.53	9.85
Q4 2022	66.60	0.49	0.48	9.82
Q1 2023	66.60	0.70	0.69	10.25
Q2 2023	66.60	0.77	0.75	10.47
Q3 2023	66.60	0.89	0.87	10.72
Q4 2023	66.60	0.98	0.98	10.78
Q1 2024	66.60	1.03	1.03	11.26
Q2 2024	66.60	1.04	1.04	11.50
Q3 2024	66.60	1.06	1.06	11.77
Q4 2024	66.60	1.23	1.23	11.98
Q1 2025	66.60	1.15	1.15	12.40

Period	Shares Outstanding (M)	EPS (Riyal)	Earnings Per Share before unusual items (Riyal)	Book Value (BV)
2006	41.42	1.48	1.48	3.76
2007	41.42	1.89	1.89	5.57
2008	66.60	1.55	1.55	5.52
2009	66.60	1.99	1.99	5.75
2010	66.60	2.18	2.18	6.35
2011	66.60	2.71	2.71	7.22
2012	66.60	2.82	2.82	7.93
2013	66.60	1.88	0.60	9.81
2014	66.60	6.56	1.15	13.74
2015	66.60	2.05	2.06	15.80
2016	66.60	0.73	0.69	15.68
2017	66.60	(2.57)	(2.57)	13.13
2018	66.60	(2.95)	(2.50)	10.16
2019	66.60	(0.75)	(0.75)	9.37
2020	66.60	0.11	(0.09)	8.94
2021	66.60	0.41	0.41	9.35
2022	66.60	0.49	0.48	9.82
2023	66.60	0.98	0.98	10.78
2024	66.60	1.23	1.23	11.98

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Recurring P/E	Price/book
Q1 2006	-	-	-
Q2 2006	-	-	-
Q3 2006	-	-	-
Q4 2006	-	-	-
Q1 2007	-	-	-
Q2 2007	-	-	-
Q3 2007	-	-	-
Q4 2007	-	-	-
Q1 2008	-	-	-
Q2 2008	-	-	-
Q3 2008	-	-	-
Q4 2008	-	-	-
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	14.18	14.18	4.41
Q3 2010	17.90	17.90	4.80
Q4 2010	14.64	14.64	5.03
Q1 2011	11.79	11.79	4.12
Q2 2011	13.46	13.46	4.44
Q3 2011	12.23	12.23	3.83
Q4 2011	11.90	11.90	4.46
Q1 2012	13.08	13.08	4.69
Q2 2012	12.77	12.77	4.15
Q3 2012	12.20	12.20	3.67
Q4 2012	12.03	12.03	4.27
Q1 2013	12.50	12.50	4.27
Q2 2013	14.97	18.37	4.34
Q3 2013	17.47	24.46	4.14
Q4 2013	19.51	37.44	3.74
Q1 2014	30.19	More than 100	4.30
Q2 2014	6.61	NEG	2.75
Q3 2014	7.35	More than 100	3.02
Q4 2014	4.79	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	15.27	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	0.83
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	74.21	More than 100	1.94
Q2 2021	More than 100	More than 100	3.38
Q3 2021	63.22	More than 100	2.66
Q4 2021	50.90	50.90	2.24
Q1 2022	38.50	38.50	2.17
Q2 2022	21.37	21.37	1.28
Q3 2022	26.16	26.16	1.41
Q4 2022	28.09	29.03	1.41
Q1 2023	20.18	20.65	1.39
Q2 2023	24.74	25.27	1.81
Q3 2023	21.34	21.73	1.77
Q4 2023	20.60	20.60	1.88
Q1 2024	24.18	24.18	2.22
Q2 2024	23.48	23.48	2.13
Q3 2024	21.79	21.79	1.96
Q4 2024	18.40	18.40	1.88
Q1 2025	21.60	21.60	2.00

Period	P/E	Recurring P/E	Price/book
2006	-	-	-
2007	-	-	-
2008	-	-	-
2009	-	-	-
2010	14.64	14.64	5.03
2011	11.90	11.90	4.46
2012	12.03	12.03	4.27
2013	19.51	61.35	3.74
2014	4.79	27.44	2.29
2015	13.07	12.99	1.70
2016	21.68	23.00	1.01
2017	NEG	NEG	0.84
2018	NEG	NEG	0.79
2019	NEG	NEG	1.10
2020	More than 100	NEG	1.71
2021	50.91	50.91	2.24
2022	28.08	29.03	1.41
2023	20.60	20.60	1.88
2024	18.40	18.40	1.88

Business Segments (Million Riyal)

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 2010	-	-	-	178.77	45.58	-
Q2 2010	-	-	-	298.73	52.03	-
Q3 2010	-	-	-	277.14	59.40	-
Q4 2010	-	-	-	200.83	43.26	-
Q1 2011	-	-	-	269.90	53.13	-
Q2 2011	-	-	-	468.10	88.27	-
Q3 2011	-	-	-	344.15	69.53	-
Q4 2011	-	-	-	215.53	57.56	-
Q1 2012	-	-	-	291.10	84.77	-
Q2 2012	-	-	-	499.14	91.73	-
Q3 2012	-	-	-	375.26	80.72	-
Q4 2012	-	-	-	247.69	67.51	-
Q1 2013	-	-	-	379.58	78.72	-
Q2 2013	-	-	-	355.32	109.30	-
Q3 2013	-	-	-	314.42	79.40	-
Q4 2013	-	-	-	240.71	77.73	-
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	-	-	-	-
Q2 2023	219.57	87.83	-	-	-	-
Q3 2023	227.82	94.90	-	-	-	-
Q4 2023	176.38	83.11	-	-	-	-
Q1 2024	258.56	154.37	0.31	-	-	-
Q2 2024	263.51	80.59	1.05	-	-	-
Q3 2024	286.35	70.38	1.89	-	-	-
Q1 2025	262.68	136.17	1.57	-	-	-

Period	HVAC Solutions	Home appliances	Other segments	LG Air Conditioners and Home Appliances	Conditioners and products from the non-LG production	Eliminations
2009	-	-	-	828.57	169.12	-
2010	-	-	-	955.46	200.27	-
2011	-	-	-	1,297.68	268.48	-
2012	-	-	-	1,413.19	324.73	-
2013	-	-	-	1,290.03	345.15	-
2014	-	-	-	1,129.65	427.01	-
2015	-	-	-	1,502.30	384.23	-
2016	1,165.72	464.93	23.75	-	-	-
2017	673.51	334.76	30.30	-	-	-
2018	470.61	278.26	25.16	-	-	-
2019	560.40	304.26	18.17	-	-	-
2020	539.69	382.67	10.34	-	-	-
2021	594.24	408.50	-	-	-	-
2022	677.07	360.15	-	-	-	-
2023	799.68	436.49	-	-	-	0.07
2024	1,053.41	357.70	-	-	-	4.80

Analysts Estimates (Million Riyal)

Item	Profit (Expected)	Profit (Actual)	Change
Average	38.10	27.21

Estimates vs Actual (Million Riyal)

Item	Profit (Expected)	Profit (Actual)	Change‬
SNB Capital	38.10	27.21

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Shaker profits fall 16% in Q1 2025 to SAR 27.2M

Current Quarter Comparison (Million Riyal)

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