Shaker swings to Q1 net profit, revenue grows 30.5pc
RIYADH, 22 days
ago
Al Hassan Ghazi Ibrahim Shaker Company (Shaker), a leading Saudi-based manufacturer and distributor of air-conditioners and home appliances, has registered a net profit of SR4.5 million ($1.2 million) for the first three months, compared to a net loss of SR3.3 million ($879,522) last year.
Announcing its financial results for the three-month period ended March 31, Shaker said it has achieved revenue of SR288.3 million, growing by 30.5% compared to Q1 last year and by 46.7% compared to the previous quarter. Also its gross profit of SR57.6 million increased by 16.8% year-on-year.
The third consecutive profitable quarter was mainly due to Shaker's strong and sustained growth in revenues in addition to the management's ongoing optimization and cost saving measures, a focus on innovation, and the success of the company’s product portfolio strategy.