Shaker Group Continues Growth Trajectory with Strong Q1 FY24 Results
Shaker Group, the leading manufacturer, importer, and distributor of Air Conditioners and Home Appliances in Saudi Arabia, has reported robust financial results for the first quarter ended March 31, 2024. The Company’s revenue saw a 19.24% increase year-on-year, reaching SAR 413.24 million, driven by strong sales in the HVAC solutions segment and balanced growth across its brand portfolio. Gross profit, operating income, and net profit also saw significant growth during the period.
The CEO of Shaker, Mohammed Ibrahim Abunayyan, highlighted the company’s commitment to strategic initiatives and market differentiation, which have contributed to its continued success. By focusing on core business segments, brand diversification, and operational efficiency, Shaker has established itself as a market leader in the HVAC and Home Appliances segment.
One key achievement for Shaker in the first quarter of FY24 was the significant reduction in net debt by 24.08%, which has positively impacted finance costs and overall profitability. The company’s efforts in inventory management and working capital optimization have also resulted in strong cash generation from operations.
In a strategic move towards localization, Shaker signed an MoU with LG Electronics and the Ministry of Investment of Saudi Arabia to explore local manufacturing of AC compressors, contributing to Saudi Arabia’s Vision 2030 goals. The company also announced the localization of manufacturing of LG Electronics’ Multi V5 unit featuring VRF technology at its Riyadh factory, catering to residential, commercial, and hospitality projects.
Shaker’s digital footprint has been expanding, with a growing e-commerce platform and plans to transition to SAP’s S/4HANA ERP system by Q3-FY24 for enhanced operational efficiency. The company is set to unveil a new growth strategy in mid-2024, positioning itself for long-term success and innovation in the industry.
Overall, Shaker Group’s strong performance in Q1 FY24 reflects its dedication to customer-centricity, innovation, and sustainable growth. With a history dating back to 1950, Shaker has established itself as a leading player in the Saudi market, providing high-quality Air Conditioners and Home Appliances from renowned international brands.
For more information about Shaker Group and its offerings, visit http://www.shaker.com.sa/. For investor and media inquiries, contact Sam Ryan Siahpolo or Joann Joseph from Instinctif Partners.
Photo: https://mma.prnewswire.com/media/2410476/CEO_Shaker_Group.jpg
SOURCE: Shaker Group
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