Fintech PR
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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STOCKHOLM, April 5, 2024 /PRNewswire/ — EQT AB’s Q1 Announcement 2024 will be published on Thursday 18 April 2024 at approximately 07:30 CEST. EQT will host a conference call at 08:30 CEST to present the report, followed by a Q&A session.
The presentation and a video link for the webcast will be available here from the time of the publication of the Q1 Announcement.
To participate by phone and ask questions during the Q&A, please register here in advance. Upon registration, you will receive your personal dial-in details.
The webcast can be followed live here and a recording will be available afterwards.
Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.
The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.
Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected]
Rickard Buch, Head of Corporate Communications, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/eqt/r/invitation-to-presentation-of-eqt-ab-s-q1-announcement-2024,c3956826
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Invitation to presentation of EQT AB’s Q1 Announcement 2024 |
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- Kia drives forward transformation into ‘Sustainable Mobility Solutions Provider’
- Roadmap enables Kia to proactively respond to uncertainties in mobility industry landscape, including changes in EV market
- Company to expand EV line-up with more models; enhance HEV line-up to manage fluctuation in EV demand
- Goal to sell 1.6 million EVs annually in 2030, introducing 15 models
- PBV to play a key role in Kia’s growth, targeting 250,000 PBV sales annually by 2030 with PV5 and PV7 models
- Kia to invest KRW 38 trillion by 2028, including KRW 15 trillion for future business
- 2024 business guidance : KRW 101 tln in revenue with KRW 12 tln in operating profit; operating profit margin of 11.9% on sales of 3.2 million units globally
- CEO reaffirms Kia’s commitment to ESG management
SEOUL, South Korea, April 5, 2024 /PRNewswire/ — Kia Corporation (Kia) today shared an update on its future strategies and financial targets at its CEO Investor Day in Seoul, Korea.
Based on its innovative achievements in the years since the announcement of mid-to-long-term business initiatives, Kia is focusing on updating its 2030 strategy announced last year and further strengthening its business strategy in response to uncertainties across the global mobility industry landscape.
During the event, Kia updated its mid-to-long-term business strategy with a focus on electrification, and its PBV business. Kia reiterated its 2030 annual sales target of 4.3 million units, including 1.6 million units of electric vehicles (EVs). The 2030 4.3 million annual sales target is 34.4 percent higher than the brand’s 2024 annual goal of 3.2 million units.
The company also plans to become a leading EV brand by selling a higher percentage of electrified models among its total sales, including hybrid electric vehicles (HEV), plug-in hybrid (PHEV), and battery EVs, projecting electrified model sales of 2.48 million units annually or 58 percent of Kia’s total sales in 2030.
“Following our successful brand relaunch in 2021, Kia is enhancing its global business strategy to further the establishment of an innovative EV line-up and accelerate the company’s transition to a sustainable mobility solutions provider,” said Ho Sung Song, President and CEO of Kia. “By responding effectively to changes in the mobility market and efficiently implementing mid-to-long-term strategies, Kia is strengthening its brand commitment to the wellbeing of customers, communities, the global society, and the environment.”
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VANCOUVER, BC, April 4, 2024 /PRNewswire/ — BioVaxys Technology Corp. (CSE: BIOV) (FRA: 5LB) (OTCQB: BVAXF) (the “Company“) is providing this bi-weekly update on the status of the management cease trade order granted on February 29, 2024 (the “MCTO“), by its principal regulator, the Ontario Securities Commission (the “OSC“), under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203“), following the Company’s announcement on February 21, 2024 (the “Default Announcement“), that it was unable to file its audited annual financial statements for the year ended October 31, 2023, its management’s discussion and analysis of financial statements for the year ended October 31, 2023, its annual information form for the year ended October 31, 2023, and related filings (collectively, the “Required Annual Filings“). Under National Instrument 51-102, the Required Annual Filings were required to be made no later than February 28, 2024.
As a result of the delay in filing the Required Annual Filings, the Company was unable to file its interim financial statements for the three months ended January 31, 2024, its management’s discussion and analysis of financial statements for the three months ended January 31, 2024, and related filings (collectively, the “Required Interim Filings“). Under National Instrument 51-102, the Required Interim Filings were required to be made no later than April 1, 2024.
The Company anticipates filing the Required Annual Filings by April 30, 2024. The auditor of the Company requires additional time to complete its audit of the Company, including the Company’s recent acquisition of all intellectual property, immunotherapeutics platform technologies, and clinical stage assets of the former IMV Inc. that closed on February 16, 2024. In addition, the Company anticipates filing the Required Interim Filings immediately after the filing of the Required Annual Filings.
Except as herein disclosed, there are no material changes to the information contained in the Default Announcement. In addition, (i) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release; (ii) the Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings; (iii) the Company is not subject to any insolvency proceedings; and (iv) there is no material information concerning the affairs of the Company that has not been generally disclosed.
About BioVaxys Technology Corp.
BioVaxys Technology Corp. (www.biovaxys.com), a biopharmaceuticals company registered in British Columbia, Canada, is a clinical-stage biopharmaceutical company dedicated to improving patient lives with novel immunotherapies based on the DPX™ immune-educating technology platform and it’s HapTenix© ‘neoantigen’ tumor cell construct platform, for treating cancers, infectious disease, antigen desensitization, and other immunological fields. The Company’s clinical stage pipeline includes maveropepimut-S which is in Phase II clinical development for advanced Relapsed-Refractory Diffuse Large B Cell Lymphoma (DLBCL) and platinum resistant ovarian cancer, and BVX-0918, a personalized immunotherapeutic vaccine using it proprietary HapTenix© ‘neoantigen’ tumor cell construct platform which is soon to enter Phase I in Spain for treating refractive late-stage ovarian cancer. The Company is also capitalizing on its tumor immunology know-how and creation of a unique library of T-lymphocytes & other datasets post-vaccination with its personalized immunotherapeutic vaccines to utilize predictive algorithms and other technologies to identify new targetable tumor antigens. BioVaxys common shares are listed on the CSE under the stock symbol “BIOV” and trade on the Frankfurt Bourse (FRA: 5LB) and in the US (OTCQB: BVAXF). For more information, visit www.biovaxys.com and connect with us on X and LinkedIn.
ON BEHALF OF THE BOARD
Signed “James Passin“
James Passin, Chief Executive Officer
Phone: +1 646 452 7054
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