Latest news with #SAR82
Asharq Al-Awsat
16-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's Arab League Trade Exceeds SAR87 Billion in Q4 2024
Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2% of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2% annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion, SPA reported. According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3% annual growth. Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were destined for GCC nations, accounting for 14.2% of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1% of total exports. Saudi Arabia's imports from Arab League countries totaled SAR28,653 billion, or 12.3% of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion. The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
Zawya
16-04-2025
- Business
- Zawya
Saudi Arabia's Arab League trade exceeds $23.2bln in Q4 2024
RIYADH - Saudi Arabia, propelled by its ambitious Vision 2030, is surpassing economic projections and cementing its position as a significant global force. Its strategic geographical location, connecting three continents, enhances its role as a vital trade and investment hub, supported by progressive economic policies and infrastructure. The Kingdom's diversification efforts are yielding substantial growth, with non-oil exports and strategic partnerships contributing to record figures. Saudi Arabia's trade with Arab League nations, including the Gulf Cooperation Council (GCC), reached SAR87,768 billion in the fourth quarter of 2024, representing 17.2 percent of the Kingdom's total global trade of SAR510,974 billion. This trade volume demonstrates a 6.2 percent annual growth rate, exceeding the Q4 2023 figure of SAR82,679 billion by over SAR5 billion. According to the General Authority for Statistics' quarterly International Trade Bulletin, the Kingdom's trade surplus with Arab League countries, including the GCC, significantly increased to SAR30,461 billion in Q4 2024, up from SAR22,185 billion in the same period of 2023, marking a 37.3 percent annual growth. Saudi Arabia's total exports to Arab League countries amounted to SAR59,114 billion. Of this, SAR39,507 billion were directed to GCC nations, accounting for 14.2 percent of the Kingdom's total global exports of SAR277,932 billion. Exports to non-GCC Arab League countries reached SAR19,607 billion, representing 7.1 percent of total exports. Saudi Arabia's imports from Arab League countries totalled SAR28,653 billion, or 12.3 percent of total imports. Within this, SAR18,354 billion came from GCC countries, and SAR10,298 billion from other Arab League nations. The Kingdom's total global imports were SAR233,042 billion. The United Arab Emirates emerged as Saudi Arabia's top Arab export destination in Q4 2024, with exports exceeding SAR23,512 billion. Bahrain followed with SAR8,423 billion, Egypt with SAR8,353 billion, Oman with SAR4,434 billion, and Jordan with SAR2,999 billion.
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. (
