Shaker turns to net profit of SAR 9.5 mln in 2020

Shaker turns to net profit of SAR 9.5 mln in 2020

21/03/2021 Argaam Exclusive

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Al-Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a net profit of SAR 9.5 million for 2020, against a net loss of SAR 49.8 million in the prior-year period. 

 

The company realized profitable results in 2020 for the first time since 2016 as revenue rose 5.6% year-on-year (YoY) to SAR 933 million, as well as lower operating and other expenses due to reduction in employee expenses and successful cost optimization measure.



Financials (M)

Item 2019 2020 Change‬
Revenues 882.82 932.70 5.6 %
Gross Income 165.65 195.56 18.1 %
Operating Income (26.20) (2.41) 90.8 %
Net Income (49.79) 7.43 114.9 %
Average Shares 55.50 55.50 -
EPS (Riyals) (0.90) 0.13 114.9 %

Moreover, Shaker’s profit share of invested companies improved by SAR 9 million to SAR 26 million in 2020, compared to SAR 17 million a year earlier.

 

The company reported a net profit of SAR 1.7 million in Q4 2020.

 

Total shareholders' equity, excluding minority rights, rose 1.3% to SAR 632 million in 2020, compared to SAR 624 million in 2019.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 184.12 196.49 6.7 %
Gross Income 35.29 41.41 17.4 %
Operating Income (4.40) (9.22) (109.7 %)
Net Income (7.39) (0.85) 88.5 %
Average Shares 55.50 55.50 -
EPS (Riyals) (0.13) (0.02) 88.5 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2011 323.04 44.0 % 94.51 35.6 % 33.61 74.2 % 0.61
Q2 2011 556.37 58.6 % 166.27 32.6 % 73.63 26.2 % 1.33
Q3 2011 413.68 22.9 % 130.54 20.2 % 54.98 18.0 % 0.99
Q4 2011 273.08 11.9 % 75.31 (9.4 %) 18.00 (14.5 %) 0.32
Q1 2012 375.87 16.4 % 114.07 20.7 % 40.03 19.1 % 0.72
Q2 2012 590.87 6.2 % 184.87 11.2 % 82.96 12.7 % 1.49
Q3 2012 455.98 10.2 % 138.15 5.8 % 58.41 6.2 % 1.05
Q4 2012 315.19 15.4 % 82.60 9.7 % 6.24 (65.3 %) 0.11
Q1 2013 458.30 21.9 % 147.64 29.4 % 49.79 24.4 % 0.90
Q2 2013 526.79 (10.8 %) 138.03 (25.3 %) 74.94 (9.7 %) 1.35
Q3 2013 393.82 (13.6 %) 92.95 (32.7 %) 31.35 (46.3 %) 0.56
Q4 2013 318.44 1.0 % 26.53 (67.9 %) (30.98) (596.3 %) (0.56)
Q1 2014 312.18 (31.9 %) 70.03 (52.6 %) 20.62 (58.6 %) 0.37
Q2 2014 484.41 (8.0 %) 131.43 (4.8 %) 382.45 410.4 % 6.89
Q3 2014 408.05 3.6 % 110.81 19.2 % 43.78 39.7 % 0.79
Q4 2014 352.02 10.5 % 73.75 178.0 % (9.95) 67.9 % (0.18)
Q1 2015 426.44 36.6 % 98.32 40.4 % 26.16 26.9 % 0.47
Q2 2015 643.25 32.8 % 160.77 22.3 % 82.01 (78.6 %) 1.48
Q3 2015 442.12 8.4 % 115.78 4.5 % 46.22 5.6 % 0.83
Q4 2015 374.72 6.4 % 60.00 (18.6 %) (17.84) (79.4 %) (0.32)
Q1 2016 395.07 (7.4 %) 98.66 0.3 % 27.98 7.0 % 0.50
Q2 2016 533.76 (17.0 %) 135.40 (15.8 %) 47.00 (42.7 %) 0.85
Q3 2016 401.38 (9.2 %) 94.41 (18.5 %) 4.04 (91.3 %) 0.07
Q4 2016 324.20 (13.5 %) 60.46 0.8 % (30.21) (69.3 %) (0.54)
Q1 2017 288.30 (27.0 %) 58.81 (40.4 %) (14.89) (153.2 %) (0.27)
Q2 2017 335.15 (37.2 %) 68.27 (49.6 %) (21.09) (144.9 %) (0.38)
Q3 2017 202.89 (49.5 %) 27.34 (71.0 %) (49.17) (1317.4 %) (0.89)
Q4 2017 212.23 (34.5 %) 21.53 (64.4 %) (85.88) (184.3 %) (1.55)
Q1 2018 214.87 (25.5 %) 52.77 (10.3 %) (20.55) (38.0 %) (0.37)
Q2 2018 212.36 (36.6 %) 41.06 (39.8 %) (36.65) (73.7 %) (0.66)
Q3 2018 173.98 (14.2 %) 27.29 (0.2 %) (44.92) 8.6 % (0.81)
Q4 2018 172.81 (18.6 %) (21.21) (198.5 %) (94.42) (9.9 %) (1.70)
Q1 2019 197.33 (8.2 %) 33.02 (37.4 %) (27.39) (33.2 %) (0.49)
Q2 2019 253.53 19.4 % 48.28 17.6 % (8.96) 75.5 % (0.16)
Q3 2019 247.84 42.5 % 49.05 79.7 % (6.05) 86.5 % (0.11)
Q4 2019 184.12 6.5 % 35.29 266.4 % (7.39) 92.2 % (0.13)
Q1 2020 220.98 12.0 % 49.36 49.5 % (2.93) 89.3 % (0.05)
Q2 2020 267.77 5.6 % 52.12 7.9 % 7.62 185.0 % 0.14
Q3 2020 247.47 (0.2 %) 52.67 7.4 % 3.59 159.3 % 0.06
Q4 2020 196.49 6.7 % 41.41 17.4 % (0.85) 88.5 % (0.02)
2020 932.70 5.6 % 195.56 18.1 % 7.43 114.9 % 0.13

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
Q1 2013 30.39 % 16.12 % 10.84 %
Q2 2013 28.83 % 14.07 % 8.79 %
Q3 2013 27.22 % 11.54 % 6.84 %
Q4 2013 23.87 % 8.62 % 3.84 %
Q1 2014 21.12 % 5.30 % 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 %
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 %
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 %
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 %)
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 %)
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 %)
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 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2011 55.50 2.87 2.87 8.23
Q2 2011 55.50 3.15 3.15 9.56
Q3 2011 55.50 3.30 3.30 10.55
Q4 2011 55.50 3.25 3.25 8.66
Q1 2012 55.50 3.36 3.36 9.38
Q2 2012 55.50 3.53 3.53 10.88
Q3 2012 55.50 3.59 3.59 11.93
Q4 2012 55.50 3.38 3.38 9.52
Q1 2013 55.50 3.56 3.56 10.42
Q2 2013 55.50 3.41 2.78 11.77
Q3 2013 55.50 2.92 2.09 12.33
Q4 2013 55.50 2.25 1.17 11.78
Q1 2014 55.50 1.73 0.14 12.15
Q2 2014 55.50 7.27 (0.01) 17.46
Q3 2014 55.50 7.49 0.42 18.25
Q4 2014 55.50 7.87 1.38 16.49
Q1 2015 55.50 7.97 2.00 16.78
Q2 2015 55.50 2.56 2.91 18.44
Q3 2015 55.50 2.60 2.95 19.28
Q4 2015 55.50 2.46 2.48 18.95
Q1 2016 55.50 2.49 2.49 19.28
Q2 2016 55.50 1.86 1.81 20.13
Q3 2016 55.50 1.10 1.05 20.20
Q4 2016 55.50 0.88 0.83 18.81
Q1 2017 55.50 0.11 0.06 18.55
Q2 2017 55.50 (1.12) (1.12) 18.17
Q3 2017 55.50 (2.08) (2.08) 17.28
Q4 2017 55.50 (3.08) (3.08) 15.75
Q1 2018 55.50 (3.18) (3.18) 15.38
Q2 2018 55.50 (3.46) (3.46) 14.72
Q3 2018 55.50 (3.39) (3.39) 13.91
Q4 2018 55.50 (3.54) (3.00) 12.20
Q1 2019 55.50 (3.66) (3.12) 11.69
Q2 2019 55.50 (3.17) (2.62) 11.51
Q3 2019 55.50 (2.47) (1.92) 11.40
Q4 2019 55.50 (0.90) (0.90) 11.24
Q1 2020 55.50 (0.46) (0.46) 11.21
Q2 2020 55.50 (0.16) (0.16) 11.31
Q3 2020 55.50 0.02 0.02 11.37
Q4 2020 55.50 0.13 (0.11) 10.73

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2011 11.79 11.79 4.12
Q2 2011 13.47 13.47 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 12.04 12.04 4.27
Q1 2013 12.50 12.50 4.27
Q2 2013 14.97 18.38 4.34
Q3 2013 17.47 24.47 4.14
Q4 2013 19.52 37.45 3.74
Q1 2014 30.20 More than 100 4.30
Q2 2014 6.61 NEG 2.75
Q3 2014 7.36 More than 100 3.02
Q4 2014 4.80 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 15.28 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 0.84
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

Business Segments (Million)

Compared With The
Period HVAC Solutions Home appliances Other segments LG Air Conditioners and Home Appliances Conditioners and products from the non-LG production
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 - -

Analysts Estimates (Million)

Item Q4 2020 (e) Q4 2020 (a) Change‬
Average (5.00) (0.85) 83.00 %

Estimates vs Actual (Million)

Item Q4 2020 (e) Q4 2020 (a) Change
SNB Capital (5.00) (0.85) 83.0 %


Financial Ratios
Current
Market Cap (M Riyal) 1,703.85
Enterprise Value (EV) (M) 2,053.17
Shares Outstanding ((M)) 55.50
EPS ( Riyal) (TTM) 1.24
Book Value (BV) ( Riyal) 13.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 24.48
P/E (TTM) 24.73
Price/book 2.27
Return on Average Assets (%) (TTM) 4.0
Return on Average Equity (%) (TTM) 9.6
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Share Price

Al Hassan Ghazi Ibrahim Shaker Co.
30.70
(0.05) (0.16 %)

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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