Shaker’s 9M 2023 profit jumps 76% to SAR 61.4 mln; Q3 at SAR 16.8 mln

02/11/2023 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. posted a leap of 76% in net profit to SAR 61.4 million in the first nine months of 2023, compared to SAR 34.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	827.20	976.68	18.1 %
Gross Income	184.37	242.70	31.6 %
Operating Income	36.05	65.63	82.1 %
Net Income	34.94	61.43	75.8 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.63	1.11	75.8 %

The strong profit was backed by an increase of 18.07% year-on-year (YoY) in revenue, as the growth strategy gains were realized leading to an enhanced product portfolio across the core business segments, along with a steady growth in market share.

As a result, the HVAC solutions revenue and home appliances revenue grew by 20.03% and 14.77% YoY, respectively.

Additionally, efficient cost of goods sold (COGS) management achieved through an optimized portfolio mix led to a 31.64% increase in gross profit from SAR 184.37 million to SAR 242.70 million YoY.

Shaker’s profit share from LG Shaker jumped 87.28% YoY.

By contrast, selling, general and administrative expenses increased on expansion initiatives. The company also reported higher finance costs amid increased SAIBOR rates.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	235.67	322.72	36.9 %
Gross Income	51.86	81.36	56.9 %
Operating Income	8.45	18.68	121.1 %
Net Income	8.52	16.77	96.8 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.15	0.30	96.8 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	307.39	322.72	5.0 %
Gross Income	74.23	81.36	9.6 %
Operating Income	19.08	18.68	(2.1 %)
Net Income	15.89	16.77	5.6 %
Average Shares	55.50	55.50	-
EPS (Riyals)	0.29	0.30	5.6 %

The three-month net profit soared 97% to SAR 16.8 million from SAR 8.5 million in Q3 2022.

Revenue jumped 37% YoY, thanks to better HVAC and home appliance sales.

The HVAC solutions segment revenue (including B2B and B2C offerings) grew by 30.28% YoY, while home appliances increased by 56.33%.

Gross profit climbed 56.88% YoY to SAR 81.36 million in the three-month period, compared to SAR 51.86 million a year earlier.

Bottom line also grew by 5.6% quarter-on-quarter (QoQ) from SAR 15.89 million in Q2 2023.

Total shareholders’ equity, no minority interest, stood at SAR 713.87 million as of Sept. 30, 2023, compared to SAR 656.23 million a year earlier.

Attached Documents

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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 %
Q3 2023	322.72	36.9 %	81.36	56.9 %	18.68	121.1 %

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
Q3 2023	16.77	96.8 %	0.30	-	16.77	0.30

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 %
Q3 2023	24.94 %	6.55 %	4.91 %

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 %
Q3 2023	25.21 %	6.63 %	5.20 %

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
Q3 2023	55.50	1.07	1.05	12.86

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
Q3 2023	21.34	21.74	1.77

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	-	-	-	-
Q3 2023	227.82	94.90	-	-	-	-

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	Q3 2023 (e)	Q3 2023 (a)	Change‬
Average	11.65	16.77	43.98 %

Estimates vs Actual (Million)

Item	Q3 2023 (e)	Q3 2023 (a)	Change
Hermes	12.00	16.77	39.8 %
SNB Capital	11.30	16.77	48.4 %

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 9M 2023 profit jumps 76% to SAR 61.4 mln; Q3 at SAR 16.8 mln

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Shaker’s 9M 2023 profit jumps 76% to SAR 61.4 mln; Q3 at SAR 16.8 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) Q3 2023

Revenue by Business Segment (Latest) 2023 Q3

Analysts Estimates (Million)

Analysts Estimates (Million)

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