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Al Hassan Ghazi Ibrahim Shaker Co. delivers exceptional FY23 performance, achieving a 99.28% YoY increase in net profit to reach SAR 65.43 million
RIYADH, Saudi Arabia, Feb. 28, 2024 /PRNewswire/ — 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, announced its financial results for the full year 2023, cementing its position as a market leader through exceptional financial results and transformative strategic initiatives.
Financial Highlights:
- Revenue reached SAR 1.24 billion in FY23, up 19.19% YoY and highest since FY16, driven by double digit growth in the HVAC Solutions and Home Appliances segment of 18.11% and 21.19% respectively.
- Gross profit of SAR 317.76 million in FY23, up 33.71% YoY, driven by higher sales, an optimized sales strategy combining diversified product and channel portfolio, and efficient management of cost of goods sold (COGS).
- Operating profit of SAR 89.15 million in FY23, up 110.48% YoY, driven by higher revenues and improved gross margins, supported by lower impairment loss on trade and other receivables.
- Net profit of SAR 65.43 million in FY23, up 99.28% YoY and highest since FY15, driven by higher revenue and operating profit, along with a 51.86% increase in share of profit from LG-Shaker HVAC factory and lower zakat and tax.
- EPS of SAR 1.36 in FY23, an increase of 99.28 % YoY.
- Q4-FY23 revenue of SAR 259.56 million (Q4-FY22: SAR 209.49 million) and net profit of SAR 3.80 million (Q4-FY22: net loss of SAR 2.36 million)
In FY23, Shaker generated the highest revenue since FY16 and highest net profit since FY15, signifying a year of significant growth and strategic execution. The commitment to achieving growth while strengthening its financial health was demonstrated with continued deleveraging as net debt reduced by 20.95%. Further improvements in inventory management and working capital led to strong cash generation from operations of SAR 20.82 million.
Shaker reinforced its market leadership, by focusing on growth in core business segments. A landmark agreement with LG expanded Shaker’s portfolio to include the full range of LG products in its Home Appliances and Entertainment offering. This expanded Shaker’s addressable market share, fueling further expansion and momentum in the Home Appliances segment.
Additionally, Shaker’s strategic divestment of New Vision for Electronics and Electrical Appliances in Jordan streamlined operations and allocated resources more effectively by using the sales proceeds to reduce loans, thereby enhancing its market competitiveness and financial stability.
Shaker’s investment in digitalization is playing an important role in enhancing operational efficiency. The Company’s current transition to SAP’s S/4HANNA ERP system is a significant move towards integrating efficient business functions and enabling informed data-driven decision making across the organization. Implementation began in Q3-FY23 and full roll-out is expected in FY24.
During the second half of the year, Shaker delivered on its B2C retail expansion strategy, opening its 7th physical store aimed at redefining the shopping experience to be more innovative and engaging for a newer generation of customers. Another 2 stores are set to open in FY24, signaling continued expansion of the physical footprint and commitment to provide unparalleled service to its customers. This complements Shaker’s commitment to expand its e-commerce offerings, catering to a wider audience with accessible, convenient, and diverse shopping options.
The acquisition of a 10% stake in Cashew, a digital BNPL (buy-now, pay-later) platform will enable Shaker to tap into new growth opportunities in the Kingdom’s fintech retail sector and digital lending space while diversifying its business model into complementary verticals.
Building on the successes of 2023, the issuance of bonus shares in December highlighted Shaker’s focus on creating and returning value to its shareholders. Looking ahead, Shaker remains committed to its strategic imperatives: focusing on core business for sustained growth, expanding retail presence to meet evolving consumer demands, enhancing e-commerce capabilities to harness digital growth opportunities, and championing the Saudi Made initiative as part of its contribution to domestic industrial advancement. A new strategic vision is expected to be unveiled by mid-2024, which will guide Shaker into its next phase of growth.
Mr. Mohammed Ibrahim Abunayyan, CEO at Shaker, said: “2023 was a remarkable year for us, characterized by strong financial performance and strategic advancements as we achieved our highest revenue since FY16 and net profit since FY15. It is a testament to the execution of our growth strategy, focused on building an agile, dynamic, and high-growth business environment, positioning Shaker as the number one destination for all things home in the Kingdom. Our commitment to strengthening our core business has yielded sustainable long-term gains. The steady growth in our B2B portfolio has enhanced the stability of HVAC Solutions by securing larger contracts and long-term engagements. At the same time, the successful integration of LG’s comprehensive product range, our well-established portfolio offering from Midea and Ariston, along with Shaker’s targeted marketing efforts led to unlocking additional growth potential within the Home Appliances segment.
Beyond financials, we remain steadfast in our commitment to the Made in Saudi initiative, boosting local production capacities, fostering self-reliance, and aligning with the Kingdom’s Vision 2030 aspirations. Looking ahead, we are excited about the future, with plans to unveil a new strategic vision in 2024 that will guide us into our next phase of growth.”
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, Indesit, Midea, Bompani, 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 and management services. 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: http://www.shaker.com.sa/
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SHIJIAZHUANG, China, Jan. 8, 2025 /PRNewswire/ — A news report from Great Wall New Media — Steel is the primary pillar industry of Hebei Province. Relying on abundant resource endowments, a complete industrial chain, and modern technological advantages, Hebei’s steel industry has gradually formed an industrial cluster centered around Tangshan, Handan, Shijiazhuang, Chengde, and other key areas.
In recent years, Hebei has been actively promoting the steel industry’s transition towards intelligence, sustainability, and internationalization. Its products are widely exported to 20 countries and regions, becoming a crucial support for infrastructure construction in Belt and Road countries.
Today, let’s follow Xiao Wan from France to unlock the secrets of steel.
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View original content:https://www.prnewswire.co.uk/news-releases/what-hebei-can-offerhebei-steel-forging-future-302345257.html
Fintech PR
JLL APAC Applauded by Frost & Sullivan for Enhancing Property Performance and Delivering Customer Value in Real Estate
JLL APAC’s deep industry expertise, state-of-the-art capabilities, and customer-driven approach position it to redefine the FM industry and reinforce its leadership.
SAN ANTONIO, Jan. 8, 2025 /PRNewswire/ — Frost & Sullivan recently researched the facility management industry and, based on its analysis, recognizes Jones Lang LaSalle (JLL) Asia-Pacific (APAC) with the 2024 Asia-Pacific Company of the Year Award. The company is a global real estate leader that helps enterprises optimize real estate strategies to meet their operational needs and business goals. The company offers comprehensive solutions and services across the real estate spectrum, including integrated facility management (IFM). With its innovative, cutting-edge solution suite, JLL APAC enhances property performance, fosters ideal work experiences, and delivers value for clients spanning multiple industries, such as finance, government, information technology, and manufacturing. It integrates advanced technology, leverages scientific insights, and designs sustainable spaces to drive innovation and deliver significant customer value. The company goes beyond traditional FM practices, exploring neuroscientific principles to develop its innovative solutions.
JLL APAC’s Work Science initiative studies unique individual work patterns and diverse cognitive styles to power its human-centric workspace designs and create optimal work environments. It enhances workforce productivity, collaboration, and employee well-being and satisfaction. Aimed at helping C-suite executives and senior leaders tackle complex challenges and drive their organizations forward, the value-added JLL Future Labs service curates immersive, multi-sensory collaboration experiences that foster innovative thinking and synergy and accelerate decision-making. JLL APAC leverages artificial intelligence (AI) and machine learning to unify operations among diverse facility management stakeholders and eliminate data silos, enhancing collaboration and decision-making toward optimized building performance. Its comprehensive AI-enhanced JLL Serve FM application streamlines operations, automates processes, digitizes maintenance and reporting, and provides real-time visibility to optimize building usage, minimize costs, save time, and boost returns.
Janice Wung, industry principal at Frost & Sullivan, observed, “JLL APAC’s bold approach to exploring innovative insights beyond traditional FM scope, such as neuroscientific principles, enhance its solutions and deliver impactful results. Its foresight in technology integration is a key differentiator, empowering the company to remain at the forefront of the industry and capitalize on emerging market opportunities.”
JLL APAC’s Smart Building Platform helps clients enhance operational performance with real-time and remote asset monitoring, enabling continuous oversight, rapid problem detection, predictive maintenance, and improved occupant comfort. The platform drives cost optimization, enhances operational efficiency, and promotes sustainability while ensuring occupant comfort and safety. JLL APAC’s expert integration of the Internet of Things, big data, and intelligent technology enhances service excellence, promoting sustainability and propelling the FM industry into the future. Furthermore, its world’s first large language model specifically for the commercial real estate industry, the JLL Generative Pre-trained Transformer (JLL GPT) AI platform, performs comprehensive multi-source data analytics to provide clients with intelligent insights that drive informed strategies and enhance returns. JLL APAC’s customer-centric and collaborative approach, deep expertise, and reliability in addressing client pain points resulted in an impressive global Net Promoter Score of 100%, establishing a new regional record. Regardless of macroeconomic and business conditions, its steady growth momentum positions it to thrive and continue expanding its market presence.
“JLL APAC prioritizes mutual interests to drive value creation and sustainable growth for all stakeholders involved, redefining business partnerships in the FM industry. By adopting progressive, customer-centric strategies and fostering enduring relationships through collaboration, value creation, and service excellence, JLL APAC is well-positioned to lead the FM industry into the future,” added Rubini Kamal, best practices research analyst at Frost & Sullivan. With its strong overall performance, JLL APAC earns Frost & Sullivan’s 2024 Asia Pacific Company of the Year Award in the facility management industry.
Each year, Frost & Sullivan presents a Company of the Year award to the organization that demonstrates excellence in terms of growth strategy and implementation in its field. The award recognizes a high degree of innovation with products and technologies, and the resulting leadership in terms of customer value and market penetration.
Frost & Sullivan Best Practices awards recognize companies in various regional and global markets for demonstrating outstanding achievement and superior performance in leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analyses, and extensive secondary research to identify best practices in the industry.
About Frost & Sullivan
For six decades, Frost & Sullivan has been world-renowned for its role in helping investors, corporate leaders, and governments navigate economic changes and identify disruptive technologies, megatrends, new business models, and companies to action, resulting in a continuous flow of growth opportunities to drive future success. Contact us: Start the discussion. Contact us: Start the discussion.
Contact:
Tarini Singh
E: [email protected]
About JLL APAC
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500 company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit www.jll.com
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Fintech PR
PostEra announces expansion to $610M in their AI drug discovery collaboration with Pfizer
BOSTON, Jan. 7, 2025 /PRNewswire/ — PostEra, a biotechnology company specializing in machine learning for preclinical drug discovery, today announced an expansion of their partnership with Pfizer. The parties will launch a new Antibody-Drug-Conjugate (ADC) collaboration while also expanding their existing $260M AI Lab collaboration, which itself was built upon a successful Generative Chemistry partnership.
The teams will leverage PostEra’s AI platform, Proton, a pioneering innovation in generative chemistry and synthesis-aware design, to advance several programs. These new programs include small molecule therapeutics as well as ADCs, where PostEra will use Proton to optimize properties of payloads.
PostEra will receive an upfront payment of $12M and is eligible to receive additional milestone payments and tiered royalties on any approved products arising out of the collaboration.
Over the last 3 years, as part of the AI Lab, PostEra and Pfizer scientists have partnered closely to advance several small molecule programs. After Pfizer nominated the maximum number of programs, the teams have agreed to expand the collaboration to include additional targets with PostEra receiving additional upfront payment and eligibility for milestones and royalties.
“We’re pleased to significantly expand the use of PostEra’s Proton platform. This builds on peer-reviewed publications with Pfizer validating the real-world impact of AI-driven drug discovery in hitting preclinical milestones faster than anticipated,” said Alpha Lee, Chief Scientific Officer of PostEra. “This third partnership with our long-term collaborators at Pfizer underscores Proton’s depth and strength in making a meaningful impact on real-world drug discovery campaigns,” added Aaron Morris, CEO of PostEra.
About PostEra
PostEra is building a modern 21st century biopharma. We use Proton, our AI platform for medicinal chemistry, to accelerate the discovery of new medicines for patients. PostEra is advancing an internal pipeline while also advancing small molecule programs through partnerships with biopharma. We’ve closed over $1Bn in AI partnerships including 4 multi-year agreements with Pfizer and Amgen. PostEra is also leading an antiviral drug discovery center for pandemic preparedness, funded by one of the largest grants in NIH history.
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View original content:https://www.prnewswire.co.uk/news-releases/postera-announces-expansion-to-610m-in-their-ai-drug-discovery-collaboration-with-pfizer-302342058.html
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