Al Hassan Ghazi Ibrahim Shaker Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )

Element List	Current Quarter	Similar quarter for previous year	%Change	Previous Quarter	% Change
Sales/Revenue	358,616	322,719	11.123	345,139	3.904
Gross Profit (Loss)	88,845	81,364	9.194	83,192	6.795
Operational Profit (Loss)	22,597	19,100	18.308	11,535	95.899
Net profit (Loss)	17,717	16,774	5.621	16,448	7.715
Total Comprehensive Income	17,443	16,842	3.568	16,506	5.676
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Current Period	Similar period for previous year	%Change
Sales/Revenue	1,116,997	976,676	14.367
Gross Profit (Loss)	269,806	242,700	11.168
Operational Profit (Loss)	65,477	67,519	-3.024
Net profit (Loss)	66,414	61,430	8.113
Total Comprehensive Income	65,878	59,675	10.394
Total Shareholders Equity (after Deducting Minority Equity)	783,607	713,878	9.767
Profit (Loss) per Share	1.2	1.11
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Thousands) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is	Al Hassan Ghazi Ibrahim Shaker Co. (“The Company” or “Shaker”) achieved its highest third quarter revenue since 2017 of SAR 358.62 million in Q3-FY24, marking an 11.12% year-on-year (YoY) growth compared to SAR 322.72 million in Q3-FY23. This increase was primarily driven by robust sales in the HVAC solutions segment across its B2B and B2C offerings and consistent growth across the company's core brand portfolio.

Element List

Explanation

The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is

Al Hassan Ghazi Ibrahim Shaker Co. (“The Company” or “Shaker”) achieved its highest third quarter revenue since 2017 of SAR 358.62 million in Q3-FY24, marking an 11.12% year-on-year (YoY) growth compared to SAR 322.72 million in Q3-FY23. This increase was primarily driven by robust sales in the HVAC solutions segment across its B2B and B2C offerings and consistent growth across the company's core brand portfolio.

Revenues from the HVAC solutions segment rose by 25.69%, which effectively offset a 25.83% decline in the Home Appliances segment.The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is Shaker reported its highest third quarter net profit since 2017 of SAR 17.72 million in Q3-FY24, an increase of 5.62% compared to the net profit of SAR 16.77 million in Q3-FY23.

Revenue:

Revenues grew by 11.12% YoY reaching SAR 358.62 million in Q3-FY24.

Gross Profit:

Gross Profit achieved a strong growth of 9.19% YoY reaching SAR 88.85 million in Q3-FY24, compared to SAR 81.36 million in Q3-FY23, supported by higher revenues and stable margins.

Operating Profit:

Income from operations improved by 18.31% YoY to SAR 22.60 million in Q3-FY24, compared to SAR 19.10 million in Q3-FY23, mainly driven by higher revenues, despite higher trade and other receivables impairment losses.

Net Profit:

Net profit attributable to equity owners registered a 5.62% YoY increase, up from SAR 16.77 million in Q3-FY23, to reach SAR 17.72 million in Q3-FY24. This improvement resulted from higher revenues and gross profit, reduced finance costs and zakat expense, partially offset by lower share of profit from the LG-Shaker HVAC factory.The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is Shaker achieved revenue of SAR 358.62 million in Q3-FY24, an increase of 3.90% quarter-on-quarter (QoQ) from SAR 345.14 million in Q2-FY24, driven by growth in the HVAC solutions segment of 8.67%, partially offset by a 12.66% decline in the Home Appliances segment revenue.The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is Shaker's net profit for Q3-FY24 was SAR 17.72 million, reflecting a 7.72% QoQ increase compared to Q2-FY24. This was primarily due to higher revenues and gross profits.

Additionally, the lower G&A expenses, impairment losses and finance costs contributed to the overall improvement. This was partially offset by the lower share of profit from the LG-Shaker HVAC factory.The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is Shaker achieved a revenue of SAR 1.12 billion in 9M-FY24, a robust increase of 14.37% YoY from SAR 976.68 million in 9M-FY23, driven by strong growth in the HVAC solutions segment of 29.70%, which offset the 13.60% decline in the Home Appliances segment revenue.The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is Shaker reported its highest nine-month net profit since 2017 of SAR 66.41 million in 9M-FY24, an increase of 8.11% compared to the net profit of SAR 61.43 million in 9M-FY23, primarily driven by:

Revenues:

Revenues increased by 14.37% YoY reaching SAR 1.12 billion million in 9M-FY24.

Gross Profit:

Gross profit grew by 11.17% YoY to SAR 269.81 million in 9M-FY24 compared to SAR 242.70 million in 9M-FY23.

The increase in gross profit was in-line with higher revenue.

Operating Profit:

Income from operations was lower by 3.02% YoY at SAR 65.48 million, primarily due to higher impairment losses on trade and other receivables, as well as higher SG&A costs consistent with ongoing marketing and staffing expansion initiatives.

Net Profit:

Net profit attributable to equity owners increased by 8.11% YoY, up from SAR 61.43 million in 9M-FY23 to reach SAR 66.41 million in 9M-FY24. This was driven by higher revenues and gross profits, lower finance costs and zakat expense, partially offset by the lower share of profit from the LG-Shaker HVAC factory.Statement of the type of external auditor's report Unmodified conclusionComment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) NoneReclassification of Comparison Items The comparative figures for the earnings per share of the Condensed Consolidated Interim Financial Statements have been adjusted to meet the current year classification according to the International Financial Reporting Standards (IFRS) that are endorsed in the Kingdom of Saudi Arabia.Additional Information As a result of issuance of bonus shares, as approved by the Extraordinary General Assembly on 19 May 2024, the weighted average number of ordinary shares outstanding has been retrospectively adjusted for the prior period to reflect the effect of the changes in number of shares.Attached Documents

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