Shaker 9M 2024 profit up 8% to SAR 66.4M; Q3 at SAR 17.7M

Shaker 9M 2024 profit up 8% to SAR 66.4M; Q3 at SAR 17.7M

04/11/2024 Argaam Exclusive

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Al Hassan Ghazi Ibrahim Shaker Co. (Shaker) reported an 8% profit increase to SAR 66.4 million in the first nine months of 2024 from SAR 61.4 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 976.68 1,117.00 14.4 %
Gross Income 242.70 269.81 11.2 %
Operating Income 65.63 63.85 (2.7 %)
Net Income 61.43 66.41 8.1 %
Average Shares 55.50 55.50 -
EPS (Riyals) 1.11 1.20 8.1 %

The profit increase was driven by a 14.37% year-on-year (YoY) rise in revenue to SAR 1.12 billion, supported by 29.70% growth in the heating, ventilation, and air conditioning (HVAC) solutions segment, which helped offset the decline in the home appliances segment.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 322.72 358.62 11.1 %
Gross Income 81.36 88.85 9.2 %
Operating Income 18.68 21.43 14.7 %
Net Income 16.77 17.72 5.6 %
Average Shares 55.50 55.50 -
EPS (Riyals) 0.30 0.32 5.6 %

In Q3 2024, the company’s net profit rose 5.6% to SAR 17.72 million from SAR 16.77 million in the prior year period on higher sales in the HVAC solutions segment.

 

Sequentially, net earnings rose by 7.7% from SAR 16.45 million in Q2 2024.

 

Total shareholders’ equity, after minority interest, rose to SAR 783.61 million by the end of the nine-month period, compared to SAR 713.87 million a year earlier.

 

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
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 %
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 %)
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 %)
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 %
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 %)
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 %
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 %)
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 %
Q4 2023 259.56 23.6 % 75.06 40.9 % 21.33 843.4 %
Q1 2024 413.24 19.2 % 97.77 12.2 % 30.56 9.6 %
Q2 2024 345.14 12.3 % 83.19 12.1 % 11.86 (37.8 %)
Q3 2024 358.62 11.1 % 88.85 9.2 % 21.43 14.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
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)
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)
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)
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)
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)
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
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)
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
Q4 2023 4.00 289.9 % 0.07 - 4.00 0.07
Q1 2024 32.25 12.1 % 0.58 - 32.25 0.58
Q2 2024 16.45 3.5 % 0.30 - 16.45 0.30
Q3 2024 17.72 5.6 % 0.32 - 17.72 0.32

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 % 4.91 %
Q4 2023 25.70 % 7.88 % 5.29 %
Q1 2024 25.21 % 7.67 % 5.29 %
Q2 2024 25.17 % 6.88 % 5.18 %
Q3 2024 25.05 % 6.87 % 5.12 %


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 1.05 12.86
Q4 2023 55.50 1.18 1.18 12.93
Q1 2024 55.50 1.24 1.24 13.51
Q2 2024 55.50 1.25 1.25 13.80
Q3 2024 55.50 1.27 1.27 14.12

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 21.74 1.77
Q4 2023 20.61 20.61 1.88
Q1 2024 24.19 24.19 2.22
Q2 2024 23.49 23.49 2.13
Q3 2024 21.79 21.79 1.96

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 - - -
Q2 2024 263.51 80.59 1.05 - - -
Q3 2024 286.35 70.38 1.89 - - -

Analysts Estimates (Million)

Item Q3 2024 (e) Q3 2024 (a) Change‬
Average 19.00 17.72 (6.8 %)

Estimates vs Actual (Million)

Item Q3 2024 (e) Q3 2024 (a) Change
SNB Capital 19.00 17.72 (6.8) %
Hermes 19.00 17.72 (6.8) %


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
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Share Price

Al Hassan Ghazi Ibrahim Shaker Co.
24.86
0.28 1.14 %

Al Hassan Ghazi Ibrahim Shaker Co. (SHAKER)

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