Shaker’s H1 2023 profit up 69% to SAR 44.7 mln; Q2 at SAR 15.9 mln

31/07/2023 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported a 69% increase in H1 2023 net profit to SAR 44.7 million from SAR 26.4 million in the year-earlier period.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	591.53	653.96	10.6 %
Gross Income	132.51	161.34	21.8 %
Operating Income	27.60	46.95	70.1 %
Net Income	26.41	44.66	69.1 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.48	0.80	69.1 %

Shaker’s revenue rose 10.54% year-on-year (YoY) as the growth strategy was realized with a more diversified and expanded product portfolio, along with a better market share. The heating, ventilation and air conditioning (HVAC) solutions and home appliances segments’ revenue grew YoY by 14.82% and 4.56%, respectively.

The cost of goods sold (COGS) improved on a favourable portfolio mix, which pushed the company’s gross profit 21.76% higher from SAR 132.51 million in H1 2022 to SAR 161.34 million in H1 2023. During the six-month period, operating profit leapt by 66.86% YoY.

In H1 2023, Shaker also reported a higher profit share from the LG-Shaker HVAC factory, which offset the rise in finance costs due to increased SAIBOR.

In Q2 2023, the company’s net profit leapfrogged 36% to SAR 15.9 million from SAR 11.65 million in the prior-year period, as revenue grew by 4.42% YoY to SAR 307.39 million. Better operating performance and profit share from LG-Shaker HVAC factory also bolstered the second-quarter results.

Sequentially, net earnings fell by 44.8% from SAR 28.77 million in Q1 2023 on a quarter-on-quarter (QoQ) revenue drop of 11.30% amid lower sales of home appliances due to seasonal factors.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	294.40	307.39	4.4 %
Gross Income	60.14	74.23	23.4 %
Operating Income	11.02	19.08	73.1 %
Net Income	11.65	15.89	36.3 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.21	0.29	36.3 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	346.56	307.39	(11.3 %)
Gross Income	87.11	74.23	(14.8 %)
Operating Income	27.87	19.08	(31.5 %)
Net Income	28.77	15.89	(44.8 %)
Average Shares	55.50	55.50	-
EPS (Riyals)	0.52	0.29	(44.8 %)

Total shareholders’ equity, after minority interest, stood at SAR 697.03 million by the end of the six-month period, compared to SAR 648.52 million a year earlier.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
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 %

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2014	20.62	(58.6 %)	0.37	28.31	(7.70)	(0.14)
Q2 2014	382.45	410.4 %	6.89	350.75	31.70	0.57
Q3 2014	43.78	39.7 %	0.79	-	43.78	0.79
Q4 2014	(9.95)	67.9 %	(0.18)	(18.50)	8.55	0.15
2014	436.90	249.3 %	7.87	360.56	76.34	1.38
Q1 2015	26.16	26.9 %	0.47	(0.86)	27.01	0.49
Q2 2015	82.01	(78.6 %)	1.48	-	82.01	1.48
Q3 2015	46.22	5.6 %	0.83	-	46.22	0.83
Q4 2015	(17.84)	(79.4 %)	(0.32)	-	(17.84)	(0.32)
2015	136.54	(68.7 %)	2.46	(0.86)	137.39	2.48
Q1 2016	27.98	7.0 %	0.50	-	27.98	0.50
Q2 2016	47.00	(42.7 %)	0.85	2.80	44.20	0.80
Q3 2016	4.04	(91.3 %)	0.07	-	4.04	0.07
Q4 2016	(30.21)	(69.3 %)	(0.54)	-	(30.21)	(0.54)
2016	48.82	(64.2 %)	0.88	2.80	46.02	0.83
Q1 2017	(14.89)	(153.2 %)	(0.27)	-	(14.89)	(0.27)
Q2 2017	(21.09)	(144.9 %)	(0.38)	-	(21.09)	(0.38)
Q3 2017	(49.17)	(1317.4 %)	(0.89)	-	(49.17)	(0.89)
Q4 2017	(85.88)	(184.3 %)	(1.55)	-	(85.88)	(1.55)
2017	(171.04)	(450.4 %)	(3.08)	-	(171.04)	(3.08)
Q1 2018	(20.55)	(38.0 %)	(0.37)	-	(20.55)	(0.37)
Q2 2018	(36.65)	(73.7 %)	(0.66)	-	(36.65)	(0.66)
Q3 2018	(44.92)	8.6 %	(0.81)	-	(44.92)	(0.81)
Q4 2018	(94.42)	(9.9 %)	(1.70)	(30.28)	(64.14)	(1.16)
2018	(196.54)	(14.9 %)	(3.54)	(30.28)	(166.26)	(3.00)
Q1 2019	(27.39)	(33.2 %)	(0.49)	-	(27.39)	(0.49)
Q2 2019	(8.96)	75.5 %	(0.16)	-	(8.96)	(0.16)
Q3 2019	(6.05)	86.5 %	(0.11)	-	(6.05)	(0.11)
Q4 2019	(7.39)	92.2 %	(0.13)	-	(7.39)	(0.13)
2019	(49.79)	74.7 %	(0.90)	-	(49.79)	(0.90)
Q1 2020	(2.93)	89.3 %	(0.05)	-	(2.93)	(0.05)
Q2 2020	7.62	185.0 %	0.14	-	7.62	0.14
Q3 2020	3.59	159.3 %	0.06	-	3.59	0.06
Q4 2020	(0.85)	88.5 %	(0.02)	13.43	(14.28)	(0.26)
2020	7.43	114.9 %	0.13	13.43	(6.00)	(0.11)
Q1 2021	6.32	315.9 %	0.11	-	6.32	0.11
Q2 2021	8.76	14.9 %	0.16	-	8.76	0.16
Q3 2021	12.03	235.6 %	0.22	-	12.03	0.22
Q4 2021	0.32	137.3 %	0.01	-	0.32	0.01
2021	27.42	269.3 %	0.49	-	27.42	0.49
Q1 2022	14.76	133.6 %	0.27	-	14.76	0.27
Q2 2022	11.65	33.1 %	0.21	-	11.65	0.21
Q3 2022	8.52	(29.2 %)	0.15	-	8.52	0.15
Q4 2022	(2.11)	(764.0 %)	(0.04)	1.07	(3.18)	(0.06)
2022	32.83	19.7 %	0.59	1.07	31.76	0.57
Q1 2023	28.77	94.9 %	0.52	-	28.77	0.52
Q2 2023	15.89	36.3 %	0.29	-	15.89	0.29

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2013	125.09	(33.3 %)	2.25	85.30	39.79	0.72
2014	436.90	249.3 %	7.87	360.56	76.34	1.38
2015	136.54	(68.7 %)	2.46	(0.86)	137.39	2.48
2016	48.82	(64.2 %)	0.88	2.80	46.02	0.83
2017	(171.04)	(450.4 %)	(3.08)	-	(171.04)	(3.08)
2018	(196.54)	(14.9 %)	(3.54)	(30.28)	(166.26)	(3.00)
2019	(49.79)	74.7 %	(0.90)	-	(49.79)	(0.90)
2020	7.43	114.9 %	0.13	13.43	(6.00)	(0.11)
2021	27.42	269.3 %	0.49	-	27.42	0.49
2022	32.83	19.7 %	0.59	1.07	31.76	0.57

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q2 2022	55.50	0.70	0.70	11.69
Q3 2022	55.50	0.64	0.64	11.82
Q4 2022	55.50	0.59	0.57	11.79
Q1 2023	55.50	0.84	0.82	12.30
Q2 2023	55.50	0.92	0.90	12.56

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2013	55.50	2.25	0.72	11.78
2014	55.50	7.87	1.38	16.49
2015	55.50	2.46	2.48	18.95
2016	55.50	0.88	0.83	18.81
2017	55.50	(3.08)	(3.08)	15.75
2018	55.50	(3.54)	(3.00)	12.20
2019	55.50	(0.90)	(0.90)	11.24
2020	55.50	0.13	(0.11)	10.73
2021	55.50	0.49	0.49	11.22
2022	55.50	0.59	0.57	11.79

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q2 2022	21.38	21.38	1.28
Q3 2022	26.16	26.16	1.41
Q4 2022	28.09	29.04	1.41
Q1 2023	20.18	20.66	1.39
Q2 2023	24.74	25.27	1.81

Period	P/E	Adjusted P/E	Price/book
2013	19.52	61.36	3.74
2014	4.80	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	50.92	50.92	2.24
2022	28.09	29.04	1.41

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	Eliminations
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	-	-	-	-

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

Analysts Estimates (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change‬
Average	20.85	15.89	(23.8 %)

Estimates vs Actual (Million)

Item	Q2 2023 (e)	Q2 2023 (a)	Change
Hermes	18.00	15.89	(11.8) %
SNB Capital	23.70	15.89	(33.0) %

Financial Ratios

	Current
Market Cap (M Riyal)	1,379.73
Enterprise Value (EV) (M)	1,625.70
Shares Outstanding ((M))	55.50
EPS ( Riyal) (TTM)	1.27
Book Value (BV) ( Riyal)	14.12
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	19.60
P/E (TTM)	19.60
Price/book	1.76
Return on Average Assets (%) (TTM)	4.2
Return on Average Equity (%) (TTM)	9.4

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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Shaker’s H1 2023 profit up 69% to SAR 44.7 mln; Q2 at SAR 15.9 mln

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Shaker’s H1 2023 profit up 69% to SAR 44.7 mln; Q2 at SAR 15.9 mln

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2023

Revenue by Business Segment (Latest) 2023 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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