Shaker Q1 2024 profit up 12% to SAR 32.3M

Shaker Q1 2024 profit up 12% to SAR 32.3M

12/05/2024 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. reported a net profit of SAR 32.3 million in Q1 2024, a rise of 12% compared to SAR 28.8 million in the year-earlier period.

 



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 346.56 413.24 19.2 %
Gross Income 87.11 97.77 12.2 %
Operating Income 27.87 30.56 9.6 %
Net Income 28.77 32.25 12.1 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.52 0.58 12.1 %

Revenue amounted to SAR 413.24 million in Q1 2024, an increase of 19.24% year-on-year (YoY) from SAR 346.56 million, driven by higher sales in the heating, ventilation, and air conditioning (HVAC) solutions segment and balanced growth across its brand portfolio, combined with steady market share gains.

 

The HVAC solutions segment's revenue increased by a substantial 46.98%, offsetting the 9.54% decline in revenues for the home appliances segment on account of normalization of sales.

 

Gross profit rose by 12.24% YoY to SAR 97.77 million from SAR 87.11 million.

 

Operating profit reached SAR 31.35 million, an increase of 9.59% YoY from SAR 28.60 million.

 

This was offset by the marginal decline in the company’s share of profit from the LG-Shaker HVAC factory.

 

On a quarterly basis, the company's Q1 2024 profit soared 706.8% from SAR 4 million in Q4 2023, driven by a 59.21% leap in revenues to SAR 413.24 million.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 749.65 million in Q1 2024, compared to SAR 682.4 million a year earlier.

 

Attached Documents

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
Q2 2022 294.40 1.7 % 60.14 (1.9 %) 11.65 33.1 % 0.21
Q3 2022 235.67 (9.4 %) 51.86 (9.3 %) 8.52 (29.2 %) 0.15
Q4 2022 210.03 26.7 % 53.27 34.6 % (2.11) (764.0 %) (0.04)
Q1 2023 346.56 16.6 % 87.11 20.4 % 28.77 94.9 % 0.52
Q2 2023 307.39 4.4 % 74.23 23.4 % 15.89 36.3 % 0.29
Q3 2023 322.72 36.9 % 81.36 56.9 % 16.77 96.8 % 0.30
Q4 2023 259.56 23.6 % 75.06 40.9 % 4.00 289.9 % 0.07
Q1 2024 413.24 19.2 % 97.77 12.2 % 32.25 12.1 % 0.58

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q2 2022 22.53 % 5.85 % 3.81 %
Q3 2022 22.55 % 5.40 % 3.55 %
Q4 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 % 4.97 %
Q4 2023 25.70 % 7.88 % 5.35 %
Q1 2024 25.21 % 7.67 % 5.34 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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 1.06 12.86
Q4 2023 55.50 1.18 1.19 12.93
Q1 2024 55.50 1.24 1.25 13.51

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 21.48 1.77
Q4 2023 20.61 20.39 1.88
Q1 2024 24.19 23.94 2.22

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 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 - - -

Analysts Estimates (Million)

Item Q1 2024 (e) Q1 2024 (a) Change‬
Average 29.80 32.25 8.22 %

Estimates vs Actual (Million)

Item Q1 2024 (e) Q1 2024 (a) Change
Hermes 31.00 32.25 4.0 %
SNB Capital 28.60 32.25 12.8 %


Financial Ratios
Current
Market Cap (M Riyal) 1,681.65
Enterprise Value (EV) (M) 2,030.97
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) 24.16
P/E (TTM) 24.41
Price/book 2.24
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.
30.15
(0.15) (0.50 %)

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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