Shaker reports net profit growth to SAR 14.8 mln in Q1 2022

Shaker reports net profit growth to SAR 14.8 mln in Q1 2022

23/05/2022 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. reported a net profit after Zakat and tax of SAR 14.8 million in Q1 2022, from SAR 9.7 million in a year-earlier period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 288.30 297.23 3.1 %
Gross Income 57.63 72.37 25.6 %
Operating Income 1.07 16.58 1449.6 %
Net Income 6.32 14.76 133.6 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.11 0.27 133.6 %

This was driven by a rise of 11% year-on-year (YoY) in revenue. Gross profit jumped by 34.7% YoY.  

 

On a quarterly basis, net earnings surged from SAR 320,000 in Q4 2021, thanks to better revenue and gross profit. The company also cited the impact of Zakat provisions in Q4 2021. 

 

Total shareholders’ equity, excluding minority interest, grew 5.1% YoY to SAR 636.9 million in Q1 2022. 

 

Accumulated losses stood at 21.3% of capital, or SAR 134 million in the three-month period. 

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q1 2021 288.30 30.5 % 57.63 16.8 % 6.32 315.9 % 0.11
Q2 2021 289.48 8.1 % 61.33 17.7 % 8.76 14.9 % 0.16
Q3 2021 260.12 5.1 % 57.15 8.5 % 12.03 235.6 % 0.22
Q4 2021 165.76 (15.6 %) 39.57 (4.5 %) 0.32 137.3 % 0.01
Q1 2022 297.23 3.1 % 72.37 25.6 % 14.76 133.6 % 0.27

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
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 %
Q1 2022 22.76 % 6.55 % 3.54 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2021 55.50 0.30 0.06 11.51
Q2 2021 55.50 0.32 0.08 11.02
Q3 2021 55.50 0.47 0.23 11.23
Q4 2021 55.50 0.49 0.49 11.22
Q1 2022 55.50 0.65 0.65 11.48

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2021 74.22 More than 100 1.94
Q2 2021 More than 100 More than 100 3.38
Q3 2021 63.23 More than 100 2.66
Q4 2021 50.91 50.91 2.24
Q1 2022 38.51 38.51 2.17

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 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 - - -

Analysts Estimates (Million)

Item Q1 2022 (e) Q1 2022 (a) Change‬
Average 11.00 14.76 34.19 %

Estimates vs Actual (Million)

Item Q1 2022 (e) Q1 2022 (a) Change
SNB Capital 11.00 14.76 34.2 %


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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