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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HONG KONG, Nov. 27, 2024 /PRNewswire/ — Fintica AI Ltd, a leading innovator in next-generation AI solutions for capital markets, and Legend Arb Trading Limited, a Hong Kong-based proprietary trading firm with a global footprint across major financial hubs such as Shanghai, Taiwan, and Singapore, have announced a strategic investment and partnership.
Through this collaboration, Legend Arb has made a strategic investment in Fintica AI, strengthening the partnership between the two companies. This alliance will empower Legend Arb to advance its quantitative trading capabilities by harnessing Fintica AI’s unique unsupervised artificial intelligence technology. The partnership also aims to launch innovative new products and solutions. Simultaneously, Fintica AI will expand its business development efforts and market presence in Hong Kong and the Greater China region.
Kace Lam, Chief Executive Officer of Legend Arb, stated:
“Legend Arb is excited to collaborate with Fintica AI and its world-class AI technology team, known for pioneering advancements in quantitative modeling for financial markets. By combining Fintica AI’s deep academic and R&D expertise with our robust trading experience, we are poised to unlock significant value and drive innovation in quantitative trading strategies.”
Philippe Metoudi, Chief Executive Officer of Fintica AI, remarked:
“This partnership with Legend Arb represents a significant step forward in our mission to revolutionize the financial markets with advanced AI solutions. By joining forces, we can harness our respective strengths, explore the untapped potential of Hong Kong and Greater China’s financial sector, and deliver transformative innovations that shape the future of quantitative investment.”
About Fintica AI Ltd:
Fintica AI is a leading fintech company specializing in advanced AI solutions for capital markets. Its flagship platform, Spectrum MRI, delivers state-of-the-art tools for identifying market regimes across asset classes, including equities, fixed income, and commodities. By offering predictive analytics and robust risk-management capabilities, Fintica AI empowers investment managers, quantitative analysts, and strategic allocation teams with cutting-edge decision support tools. Headquartered in Tel Aviv, the company maintains a strong presence in major global financial hubs, driving innovation and excellence in the financial industry.
About Legend Arb Trading Limited:
Legend Arb is a Hong Kong-based proprietary trading company with a global presence in major financial centers like Shanghai, Taiwan, and Singapore. Specialized in pricing of Chinese-related products, equity index futures, and commodities futures, Legend Arb acts as a committed market maker to provide liquidity for HKEX and SGX.
For further information:
Visit www.fintica-ai.com
email [email protected].
View original content:https://www.prnewswire.co.uk/news-releases/fintica-ai-and-legend-arb-of-hong-kong-announce-strategic-investment-and-partnership-302317533.html
Fintech PR
24 Exchange Receives SEC Approval of its New National Securities Exchange, “24X National Exchange”
24X National Exchange Plans to be the First Exchange to Offer U.S. Equities Trading 23 Hours-Per-Day on Weekdays
STAMFORD, Conn., Nov. 27, 2024 /PRNewswire/ — 24 Exchange announced today that it has received approval from the U.S. Securities and Exchange Commission to operate 24X National Exchange as the first national securities exchange in the U.S. that allows trading of U.S. securities 23 hours each workday. The extended hour trading is subject to Equity Data Plans making changes that would facilitate overnight trading hours and 24X National Exchange making an additional rule filing with the SEC confirming the changes and the Exchange’s ability to comply with the Securities Exchange Act.
24X National Exchange will be subject to the SEC’s ongoing regulatory oversight and full range of investor protections. The new Exchange will enable retail and institutional customers anywhere in the world to trade in U.S. equities via broker-dealers who are approved members of 24X National Exchange.
24X National Exchange will be launched in two stages. A first stage will open in the second half of 2025, with the Exchange operating from 4:00AM ET to 7:00PM ET on weekdays. The second stage, which will launch once the conditions noted above are met, will offer trading in U.S. equities from 8:00PM ET on Sunday through 7:00PM ET on Friday. A one-hour operational pause will occur during each trading day to accommodate routine software upgrades and functionality testing.
24 Exchange CEO and Founder Dmitri Galinov said: “The SEC’s approval of our new exchange is a thrilling development that the 24X Team has been working toward for many years. Traders are most at-risk when the market is closed in their geographic location. 24X National Exchange will seek to alleviate this problem by facilitating around-the-clock U.S. equities trading for broker-dealers and their institutional and retail customers.”
As the first national securities exchange approved by the SEC to operate 23 hours each weekday, subject to the conditions noted above, 24X National Exchange will initially focus on capturing the expanding demand in the APAC region for overnight liquidity in U.S. equities.
The 24X National Exchange will run on a proven, state-of-the-art technology platform provided by MEMX Technologies. The new Exchange’s executive team will place a high priority on enhancing client experience through continuous technology innovations and improvements.
“With this historic SEC approval in place, we will build and operate a customer-driven Exchange that can rapidly align with market demands and adapt quickly to client feedback,” Galinov added. “We look forward to bringing a superior trading experience to global customers. 24X National Exchange will deliver the cost efficiency, speed, resilience, and adaptability that the company’s financial institutional customers have long come to expect.”
24X National Exchange will close on U.S. market holidays, similar to the schedules maintained by the NYSE and Nasdaq.
24 Exchange through 24X Bermuda Limited, an affiliate of 24X National Exchange, will continue to offer FX NDFs, Swaps and Spot trading to institutional clients. Since its launch in 2019, 24 Exchange’s multi-asset offering through a single trading interface has enabled clients to access increased liquidity at lower cost.
About 24 Exchange
24 Exchange allows market participants to seamlessly exchange their exposures at the lowest possible cost. 24 Exchange’s mission is to enable members to initiate the most cost-effective trades across a growing range of asset classes, 24 hours a day. 24 Exchange lowers the cost of exchanging assets in the global markets while delivering creative and unique workflows catered to each asset class. More information is available at https://24exchange.com/.
Media Contact:
Eric Andrus, KARV
[email protected]
Phone: +1 (212) 333-0275
View original content:https://www.prnewswire.co.uk/news-releases/24-exchange-receives-sec-approval-of-its-new-national-securities-exchange-24x-national-exchange-302317888.html
DUBAI, UAE, Nov. 28, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, unveiled a new candidate for a potential Bybit Spot listing via ByVotes, HPOS10I (HarryPotterObamaSonic10Inu). Voting is now open for Bybit users with an opportunity to divide a prize pool of 1,800,000 HPOS10I.
From now to Nov. 29, 8AM UTC, supporters of HPOS10I may cast their votes for the project in two simple steps: deposit eligible assets into their Bybit account to produce a holdings snapshot, and head over to ByVotes to cast their votes. With sufficient votes from the community, the project will be listed on Bybit Spot, and the voters will receive a share of the airdrop from HPOS10I.
The iconic memecoin was the first of its kind to fuse the realm of fantasy and the chaotic lure of crypto, leaving its mark in crypto history since its launch in May 2023. It is known for its vibrant community, the Sproto Gremlins, an NFT collection of 3,333 exclusive unique manifestations of HPOS10I’s egregore.
Bybit has recently revamped ByVotes to raise the bar for listing requirements and yield more power to the community. Users now have more control over the number of votes they get by increasing holdings or by referrals, while unlocking more earning potentials from project listings.
The new mechanism enhanced both project quality and community engagements. A variety of tokens have achieved 100% listing odds via ByVotes, including CHILLGUY, LUCE, and NEIROCTO, among others. Multiple projects featured exclusive airdrops for the community that helped them become listed on Bybit Spot.
ByVotes provides an arena for niche projects where participants stand to be rewarded from various prize pools if the projects they vote for succeed in getting listed status on Bybit Spot: ByVotes Spot.
#Bybit / #TheCryptoArk
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media
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View original content:https://www.prnewswire.co.uk/news-releases/hpos10i-lands-on-byvotes-to-get-community-backing-for-bybit-listing-302317782.html
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