Latest news with #MohammedIbrahimAbunayyan
Zawya
07-05-2025
- Business
- Zawya
Shaker reports stable Q1 2025 results and marks a milestone with first dividend recommendation since 2016
RELATED TOPICS EARNINGS RELATED COMPANIES Midea Group Stanley Black HGISC HGISC Stanley Black BOC Samsung Life Riyadh, Saudi Arabia: Al Hassan Ghazi Ibrahim Shaker Co. ('Shaker', the 'Group' or the 'Company'), Saudi Arabia's leading manufacturer, importer, and distributor of Air Conditioners and Home Appliances, has announced its financial results for the first quarter 2025. Financial Highlights: Revenue of SAR 400.42 million in Q1-FY25, down 3.1% year-on-year (YoY), driven by a decline in revenue from the home appliance segment, partially offset by a modest increase in the HVAC segment. Gross profit of SAR 100.63 million in Q1-FY25, up 2.93% YoY, supported by cost efficiencies and product mix. Operating income of SAR 25.08 million in Q1-FY25, down 20.00% YoY, mainly due to higher operating expenses, which offset the slight growth in gross profit. Net profit 1 of SAR 27.21 million in Q1-FY25, down 15.64% YoY, primarily due to a lower share of profit from an associate combined with the recognition of foreign exchange losses during the period which was partially offset by a decrease in the finance cost. Net Debt reduced by 32% YoY to SAR 237.29 million and improved Net Debt to EBITDA ratio to 6.4x from 7.6x as at Q1 2024 reflecting enhanced deleveraging efforts and improved capital structure efficiency. 1: Attributable to equity owners Mohammed Ibrahim Abunayyan, Chief Executive Officer at Shaker, said: "Shaker Group is making steady progress in executing our Elevate 2027 roadmap. Following a strong finish to 2024, we began 2025 on a stable note. Our HVAC solutions unit showed consistent growth this quarter, reflecting the strength of our operations. We continue to strengthen our position through expanded partnerships with global brands such as Samsung, LG, Black & Decker, and Midea, which are crucial in enhancing our product offerings and broadening our market reach. In line with our continued growth, we are proud to announce the first cash dividend since 2016, reflecting our strong financial position and commitment to delivering value to our shareholders. At the same time, we are focused on improving operational efficiency across all areas of our business. As we build on our solid foundation, we remain determined to solidify Shaker Group as a regional powerhouse in manufacturing, logistics, retail, and after-sales service, fully aligned with Saudi Vision 2030." On the financial front, revenue reached SAR 400 million, reflecting a 3% decline year-on-year, while gross profit increased by 3% to SAR 101 million, driven by a favourable product mix and improved cost efficiencies. EBITDA totalled SAR 37 million, and net profit amounted to SAR 27 million, marking declines of 19% and 16%, respectively. Shaker continues to strengthen its position as a leading player in Saudi Arabia's home appliance and HVAC sectors through strategic partnerships, operational expansion, and a focus on customer-centric growth. The HVAC segment continued to be the primary driver of performance, bolstered by sustained strength in B2B sales, indicating stable consumer demand. Meanwhile, softer performance was observed in the Home Appliances segment compared to the same quarter in the previous year. Shaker also maintained a robust balance sheet, with total borrowing reducing by 25% year-on-year and net debt reducing by 32%, alongside a significant improvement in leverage metrics, reflecting enhanced cash flow discipline and ongoing efforts to optimize its capital structure. Shaker's strengthened financial position has allowed it to deliver tangible returns to shareholders. For the first time since 2016, Shaker's Board of Directors has proposed a cash dividend of SAR 0.50 per share for fiscal year 2024, totalling SAR 27.75 million. This recommendation reflects the company's consistent financial performance and operational discipline, underlining its commitment to creating value for its shareholders. The company remains focused on growing its core segments, enhancing operational efficiency, and strengthening partnerships with leading global brands to solidify its position as a trusted end-to-end solutions provider in Saudi Arabia. Shaker was also recognized as Best Strategic Partner at the Midea MEARI Partner Conference 2024, celebrating over 15 years of collaboration built on trust and a shared commitment to excellence. Strategic Updates Shaker continues to make progress on its strategic priorities under the Elevate 2027 roadmap. This initiative is aimed at accelerating growth and reinforcing the company's leadership position by building on its core strengths and unlocking new opportunities in alignment with Saudi Arabia's Vision 2030. Elevate 2027 seeks to drive sustainable growth, operational excellence, and long-term success in the home appliances and HVAC sectors. In February 2025, Shaker extended its Memorandum of Understanding with LG and the Ministry of Investment (MISA) to explore the local manufacturing of AC compressors. The MoU will now remain in effect through February 2026. The company also marked 30 years of successful collaboration with LG Electronics, a long-standing partnership that has been instrumental in the development of Saudi Arabia's HVAC market. As the exclusive partner for LG's residential and commercial air conditioning solutions, Shaker has played a key role in promoting energy-efficient technologies aligned with national sustainability goals. In February 2025, during the PIF Private Sector Forum, Shaker signed strategic agreements with ROSHN to supply its products and services at preferential terms over the long term. These agreements are aimed at ensuring inventory availability and timely delivery in line with the evolving needs of ROSHN's large-scale development projects, further strengthening Shaker's position as a trusted partner in the Kingdom's real estate ecosystem. In November 2024, Shaker Group also signed a supply agreement with Samsung to distribute home appliances in Saudi Arabia. This agreement aims to showcase the innovative features and high-quality design of Samsung products. In December 2024, Shaker signed an agreement with Stanley Black & Decker to add BLACK+DECKER® appliances to its portfolio, enhancing its product offering with a trusted global brand and supporting its commitment to delivering quality, innovation, and convenience to consumers across the Kingdom. Building on this strong foundation, Shaker continues to strengthen its strategic partnerships and support initiatives that drive local manufacturing, innovation, and sustainability within the Kingdom.
Zawya
24-04-2025
- Business
- Zawya
Shaker Group signs agreement with BSF's 'EasyPay' financing program
Riyadh, Saudi Arabia: Al Hassan Ghazi Ibrahim Shaker Co. ('Shaker', the 'Group' or the 'Company'), Saudi Arabia's leading importer, manufacturer and distributor of Air Conditioners and Home Appliances, has signed an agreement with BSF's 'EasyPay ' financing program, further strengthening its commitment to providing accessible and flexible payment solutions for customers across the Kingdom. Through this partnership, customers will benefit from EasyPay's seamless and immediate financing process, which offers consumer purchase financing up to SAR 30,000 with 0% interest. The program allows eligible customers regardless of whether they maintain a bank account with BSF, to finance their purchases over a period of 3 to 24 months. Set to launch in Q2 2025, the EasyPay program is fully integrated with Shaker's online portal and showrooms, enabling a seamless digital experience from application to checkout. The initiative also reflects Shaker's Elevate 2027 strategy, which includes introducing appliance leasing models to broaden access to its products. By offering innovative and flexible payment solutions, Shaker continues to meet evolving customer needs and enhance affordability across its portfolio. Commenting on the partnership, Mr. Mohammed Ibrahim Abunayyan, Chief Executive Officer of Shaker, said: "Our collaboration with BSF reflects Shaker's ongoing commitment to providing innovative and customer-centric paying solutions. By integrating the EasyPay financing program, we are making our world-class portfolio of products and services more accessible, offering greater flexibility and affordability to our valued consumers across the Kingdom. This initiative aligns with our lease-to-own strategy to enhance customer experience and support Saudi Arabia's evolving retail landscape." Mr. Mohammed Albatli, Vice President of Products & Value Management, BSF, added: 'At BSF, we are committed to providing seamless and flexible financing solutions. Our partnership with Shaker Group through the EasyPay program enhances consumer access to affordable payment options, making high-quality home appliances more accessible. This collaboration supports our mission to empower customers with convenient financial solutions in Saudi Arabia's evolving retail landscape.' The launch of EasyPay with Shaker marks a significant step towards expanding consumer financing options in the Saudi market, empowering more customers with convenient and accessible payment solutions. About Shaker Shaker was founded in 1950 and was amongst the first in Saudi Arabia to introduce Air Conditioning & Home Appliances for Saudi consumers. Shaker is the importer and distributor of several leading international brands including Maytag, Ariston, Midea, Bompani, Stanley Black & Decker, Indesit, Samsung, and LG in Saudi Arabia, and the sole distributor of LG Air Conditioners in Saudi Arabia. ESCO, as a business unit of Shaker, provides Energy Solutions. Shaker has been a publicly listed company on the Saudi Exchange (Saudi Exchange) since 2010. Throughout the years, Shaker has positioned its name among the top Saudi companies, providing a range of integrated solutions in terms of Air Conditioners and Home Appliances in the Saudi market and the region. For more information, visit: For media relations, please contact: Arief Zulkifli, Instinctif Partners About BSF BSF, a Joint Stock Company established by Royal Decree No. M/23 dated June 1977, is one of the leading banks in Saudi Arabia. It has its head office in Riyadh and regional offices in Jeddah, Al-Riyadh and Al-Khobar. Through its 87 branches/self-service centers, 520 ATMs and over 28,000 points of sale, BSF is committed to providing innovative and excellent services to its clients. BSF offers a wide range of financial services in Corporate Banking and Retail Banking. The Bank also provides investment banking, asset management and investment funds services, in addition to brokerage services through BSF Capital. BSF's main focus is to provide a new standard in customer experience that stands out for its simplicity and transparency further empowering its customers while offering them personalized advice. BSF's business model is customer-oriented, with the goal of being a leader in customer satisfaction on a national and regional levels. For media relations, please contact: Corporate_Communications@
Trade Arabia
21-02-2025
- Business
- Trade Arabia
Shaker net profit for 2024 surges 25pc; revenue hits $378m
Saudi-based Al Hassan Ghazi Ibrahim Shaker Company, a leading manufacturer and distributor of heating, ventilation, air conditioning (HVAC) products, announced its full year results for 2024 posting a revenue of SAR1.42 billion ($378 million), up 14.5% over the year before driven by strong HVAC solutions growth across B2B and B2C channels, offsetting softer performance in the Home Appliances segment. Announcing its financial results for the 12-month period ended December 31, 2024, Shaker Company said its net profit surged to hit SAR82 million, up 24.70% YoY, driven by higher revenues and gross profit, reduced finance costs, lower zakat expense, and increased share of profit from LG-Shaker factory. Its gross profit stood at SAR 346.52 million for FY24, up 9.05% YoY in line with higher revenues. However, the Saudi group's operating income for FY2024 witnesse a decline, falling to SAR82.17 million, down 7.83% YoY, due to strategic investments in staffing and higher impairment losses on trade and other receivables. On the Q4 performance, Al Shaker said its revenue stood at SAR298.91 million, up 15.16% over the previous year, while its gross profit rose 2.2% to hit SAR76.72 million. The group's net profit surged by 280% to hit SAR15.17 million. However, its operating income fell to SAR 16.70 million, down 22.82% YoY. On the resulst, CEO Mohammed Ibrahim Abunayyan said: "We are proud to deliver record full year results since 2016. The year 2024 was also our sixth consecutive year of revenue and net profit growth. We grew our core business, added new world-class brands to our Home Appliances portfolio, and expanded our retail and e-commerce presence." "Building on our momentum and success, we developed our new strategic roadmap, Elevate 2027, to propel us into the next phase of our growth. As part of this strategy, we will leverage our end-to-end value chain to further grow our core business, while also tapping into strategic adjacencies," he stated. "We have a unique position in the region, and we are going to leverage it to further solidify Shaker as a regional powerhouse in manufacturing, logistics, retail, and servicing, while establishing the company as a key participant in Saudi Vision 2030," he added. Shaker's financial results for Q4 and full year 2024 reflect strong momentum in its HVAC solutions segment. The HVAC solutions segment delivered impressive growth as the company successfully increased its B2B business participation to actively meet the increased demand from the Kingdom's megaprojects and other infrastructure developments. Shaker's B2C segment continued to see stable demand with strong HVAC sales offsetting softening sales in the Home Appliances segment. Shaker continues to expand its core exclusive brand portfolio, strengthening its market position and enhancing customer reach. In terms of financial health, Shaker achieved a significant 34.41% reduction in net debt YoY, supported by strong cash generation. During FY24, the Company generated SAR 161.48 million in cash from operations, a result of strong profitability and improvements in working capital, which have strengthened Shaker's financial position. On its future plan, Shaker said its expanding retail footprint is set to further contribute to this momentum. The group had opened its 10th store in Jizan in December last year and by the end of 2025, Shaker expects to open five additional stores for a total of 15 Shaker branded stores across the kingdom to further enhance its reach in the B2C channel.- TradeArabia News Service
Zawya
19-02-2025
- Business
- Zawya
Saudi: Shaker net profit for 2024 surges 25%; revenue hits $378mln
Saudi-based Al Hassan Ghazi Ibrahim Shaker Company, a leading manufacturer and distributor of heating, ventilation, air conditioning (HVAC) products, announced its full year results for 2024 posting a revenue of SAR1.42 billion ($378 million), up 14.5% over the year before driven by strong HVAC solutions growth across B2B and B2C channels, offsetting softer performance in the Home Appliances segment. Announcing its financial results for the 12-month period ended December 31, 2024, Shaker Company said its net profit surged to hit SAR82 million, up 24.70% YoY, driven by higher revenues and gross profit, reduced finance costs, lower zakat expense, and increased share of profit from LG-Shaker factory. Its gross profit stood at SAR 346.52 million for FY24, up 9.05% YoY in line with higher revenues. However, the Saudi group's operating income for FY2024 witnesse a decline, falling to SAR82.17 million, down 7.83% YoY, due to strategic investments in staffing and higher impairment losses on trade and other receivables. On the Q4 performance, Al Shaker said its revenue stood at SAR298.91 million, up 15.16% over the previous year, while its gross profit rose 2.2% to hit SAR76.72 million. The group's net profit surged by 280% to hit SAR15.17 million. However, its operating income fell to SAR 16.70 million, down 22.82% YoY. On the resulst, CEO Mohammed Ibrahim Abunayyan said: "We are proud to deliver record full year results since 2016. The year 2024 was also our sixth consecutive year of revenue and net profit growth. We grew our core business, added new world-class brands to our Home Appliances portfolio, and expanded our retail and e-commerce presence." "Building on our momentum and success, we developed our new strategic roadmap, Elevate 2027, to propel us into the next phase of our growth. As part of this strategy, we will leverage our end-to-end value chain to further grow our core business, while also tapping into strategic adjacencies," he stated. "We have a unique position in the region, and we are going to leverage it to further solidify Shaker as a regional powerhouse in manufacturing, logistics, retail, and servicing, while establishing the company as a key participant in Saudi Vision 2030," he added. Shaker's financial results for Q4 and full year 2024 reflect strong momentum in its HVAC solutions segment. The HVAC solutions segment delivered impressive growth as the company successfully increased its B2B business participation to actively meet the increased demand from the Kingdom's megaprojects and other infrastructure developments. Shaker's B2C segment continued to see stable demand with strong HVAC sales offsetting softening sales in the Home Appliances segment. Shaker continues to expand its core exclusive brand portfolio, strengthening its market position and enhancing customer reach. In terms of financial health, Shaker achieved a significant 34.41% reduction in net debt YoY, supported by strong cash generation. During FY24, the Company generated SAR 161.48 million in cash from operations, a result of strong profitability and improvements in working capital, which have strengthened Shaker's financial position. On its future plan, Shaker said its expanding retail footprint is set to further contribute to this momentum. The group had opened its 10th store in Jizan in December last year and by the end of 2025, Shaker expects to open five additional stores for a total of 15 Shaker branded stores across the kingdom to further enhance its reach in the B2C channel. Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Arab News
10-02-2025
- Business
- Arab News
LG Electronics, Shaker Group mark 30 years of sustainable HVAC innovation
LG Electronics Saudi Arabia and Al-Hassan Ghazi Ibrahim Shaker Co., an importer, manufacturer and distributor of air conditioners and home appliances in the Kingdom, are celebrating their 30-year partnership, a journey marked by innovation and excellence in the heating, ventilation, and air conditioning industry. This long-term alliance will continue to promote LG's innovative HVAC solutions, and reinforce LG and Shaker's position as a leading HVAC solution provider in the Kingdom. These advanced solutions include residential and commercial air conditioning and chiller systems. All are designed to emphasize 'Made in Saudi,' sustainability, energy efficiency, and alignment with Saudi Vision 2030's development goals. The HVAC sector has undergone profound change in recent times, with artificial intelligence and Internet of Things boosting innovation in the field. Today, customers expect solutions to be more sustainable, efficient, and optimized for operations than ever before. LG and Shaker Group have been at the forefront of this evolution with advanced products like the LG Multi V I, which is expected to launch in the Kingdom later this year. LG Multi V I uses integrated AI algorithms to analyze real-time data and thereby optimize energy usage. This enables the product to be flexible enough to adjust cooling during peak hours as well as monitor room occupancy to ensure temperature levels are ideally set with minimal manual input. This makes it the premier option for consultants in charge of complex projects. Pilwon Jung, MEA regional representative of LG Electronics, said: 'Over the past three decades, LG has collaborated with Shaker to deliver the most advanced HVAC solutions to meet the evolving needs of our customers. Our commitment to driving growth, enhancing customer satisfaction, and contributing to the Kingdom's sustainability goals remains stronger than ever.' The partnership was launched in 2008 with the establishment of a joint venture factory in Riyadh that initially produced up to 750,000 units annually. This was a critical step in localizing production while addressing the Kingdom's pressing need for HVAC solutions. In recognition of the remarkable milestones achieved, LG and Shaker Group will be honoring key stakeholders who have played significant roles in realizing the partnership's objectives. This move underscores their shared commitment to fostering a culture of excellence and acknowledging the invaluable contributions of their partners. Mohammed Ibrahim Abunayyan, CEO of Shaker, said: 'Our 30-year collaboration with LG Electronics Saudi Arabia is a testament to our shared commitment to innovation and contributing to the Kingdom's prosperity. This enduring partnership reflects our joint dedication to delivering leading, cutting-edge, energy-efficient HVAC solutions that align with Saudi Arabia's strategic vision while meeting the evolving needs of our valued consumers. Together, we continue to drive excellence, shaping a future of progress and sustainable development.' As they celebrate this milestone, LG and Shaker Group reaffirm their commitment to promoting sustainable and energy-efficient HVAC solutions that align with Saudi Vision 2030 and contribute to a diversified economy.
