Nine-month 2019 revenue of SAR 698.7 million improved by 16.2% from 2018
Shaker Group (Al Hassan Ghazi Ibrahim Shaker Co) Saudi Arabia’s leading importer, manufacturer and distributor of air-conditioners and home appliances, has announced its financial results for the period ending 30 September 2019.
Third-quarter revenue of SAR 247.8 million grew by 42.5% year-on-year at SAR 698.7 million for the nine-month period improved by 16.2% from 2018. Gross profit of SAR 49.1 million in Q3-2019 improved by 79.7% on year-on-year comparison. The Group’s Q3 net loss of SAR 6.7 million narrowed by 85.7% year-on-year, with an operating loss of SAR 6.2 million decreasing by 80.3%.
“These results are very pleasing and are a testament to the material impact that our Breakthrough Transformation Programme has had in the last nine months. Now, we are focusing our efforts on seeking to achieve more competitive gross margins,” said Eng. Azzam Saud Almudaiheem, CEO, Shaker Group.
“We have achieved a marked improvement in sales across all segments and in operating efficiencies by reducing costs, enhancing our workforce and optimising working capital management,” remarked Mohammed Ibrahim Abunayyan, Chief Strategy & Transformation Officer, Shaker Group.
Shaker Group, which is listed on Tadawul (symbol: SHAKER), is a leader in the Saudi market as both a distributor for international electrical brands and a local manufacturer of LG Air Conditioners.
