Shaker Group, a Saudi importer, manufacturer and distributor of air conditioners and home appliances, has announced its net profit reached SAR 28.77 million, up 94.91 per cent year-on-year.
It comes as the CEO, Mohammad Ibrahim Abunayyan, has revealed the financial results for the first quarter that ended on March 31, highlighting a strong start to the year.
The Group’s gross profit has hit SAR 87.11 million, up 20.37 per cent year-on-year, in line with higher revenues and a favourable portfolio mix.
Its main business has witnessed remarkable growth, driven by solid performance across its existing brand portfolio, projects and aftersales segments.
Mr Abunayyan, said: “Q1-FY23 marks an exciting new chapter in Shaker’s growth story.
“We have successfully completed our transformation journey and are now well-positioned to pursue strategic growth opportunities that will continue to drive shareholder value. Our strong performance this quarter, bolstered by our expanded product offering, signals our commitment to strengthening our market position in core business segments.”
In addition to strengthening the core business, Shaker has recently acquired a 10 per cent stake in Cashew KSA, a strategic investment aimed at bolstering its e-commerce and retail platforms.
This partnership is expected to bring synergies across Shaker’s direct-to-consumer segments and unlock significant potential in the digital retail and lending space in the near term.
“We are also proud to have announced our investment in Cashew KSA which is part of our diversification strategy into complementary verticals and demonstrates our dedication to innovation and growth in the retail and digital lending space.
“We believe our investment in Cashew KSA will begin to bring synergies to our current portfolio and expect it to bear fruit in the near to mid-term. As we move forward, we will remain focused on our strategic initiatives and partnerships that will further solidify our market leadership and drive long-term sustainable growth.”
Shaker’s Q1-FY23 results reflect the success of its growth strategy and partnerships with leading brands.
Founded in 1950, Shaker was amongst the first in Saudi Arabia to introduce air Conditioning and home appliances for Saudi consumers. It imports and distributes several international brands including Maytag, Ariston, Indesit, Midea, Bompani and LG in Saudi Arabia, while being the sole distributor of LG Air Conditioners in Saudi Arabia.
“Our strategic investments and initiatives in diversification, expansion of our product portfolio, optimisation of our operations, and digitisation across our operations will drive innovation and differentiation in the market,” added Mr Abunayyan.
“The Saudi Made initiative and local content at Shaker remains a key part of our Saudi identity and operations, while we actively pursue opportunities to collaborate on partnerships and local manufacturing in the Kingdom. Our vision for the future is both clear and ambitious, with a comprehensive strategy designed to propel our growth and set us apart from the competition. At the same time, we maintain the flexibility and adaptability necessary to effectively navigate and overcome any potential market challenges that may arise.”
