Shaker Group, a Saudi manufacturer and distributor of air conditioners and home appliances, has reported revenues of SR654 million ($174 million), up 10.5 per cent year-on-year.
The growth is driven by a surge in the HVAC solutions and home appliances segments of 14.82 per cent and 4.56 per cent respectively.
CEO of Shaker, Mohammed Ibrahim Abunayyan, said: “The momentum we gained in Q1-FY23 has been sustained and accelerated in the second quarter. Our HVAC segment continued to demonstrate significant growth and we are optimizing our home appliance product and brand mix, keeping a long-term view of retaining a leading market share position.
“We are proud of our leading position with the projects sector and the role we play in the Kingdom’s economic development by manufacturing HVAC units in our LG-Shaker factory.”
Shaker Group said that by June 30 its net profit registered a 69.06 per cent growth reaching SR44.66 million resulting from higher revenue and operating profit, along with a 91.05 per cent increase in share of profit from the LG-Shaker HVAC factory, which offset the higher finance costs.
Also, the Group’s gross profit hit SR161.34 million, up 21.76 per cent YoY, as a result of improved margins through an enhanced portfolio mix.
Al Shaker said the second quarter of the year began with a major development in the company’s portfolio optimisation strategy.
The sale of the new Jordan-based entity – Vision for Electronics and Electrical Appliances – aligns with Shaker’s focus on boosting its core operations in the country and enhancing its financial position.
Following the divestment, Shaker’s strategic investment in Cashew KSA made significant progress in regulatory and licensing procedures and is on track for roll-out and operational readiness by 2024.
This step aimed to enhance its digital footprint and drive growth in the e-commerce and digital retail space, the company stated.
