Shaker Group reduces Q1-20 losses 88.5%

Riyadh - Al Hassan Ghazi Ibrahim Shaker Co achieved an annual net loss reduction of 88.5% to SAR 3.3 million during the first quarter (Q1) of 2020.

The Saudi importer, manufacturer, and distributor of air conditioners and home appliances registered operating losses in Q1-20 of SAR 3.9 million, improving by 80.1% year-on-year (YoY), while revenues reached SAR 221 million, rising by 12% from Q1-19, according to a press release on Thursday.

Moreover, gross profits came at SAR 49.3 million in the three-month period ended 31 March 2020, posting a 49.5% annual surge.

The performance of the first quarter was largely unaffected by the impact of the coronavirus (COVID-19) pandemic. However, a material impact on performance is likely to be seen in future quarters.

Commenting on the quarterly results, CEO of Shaker Group, Azzam Saud Almudaiheem, said, “The results for the first quarter are an achievement that we are proud of, as the business continues to reduce losses and improve efficiency following the roll-out of our Breakthrough Program strategy.”

“ Both the board and management are working hard to mitigate the [COVID-19 pandemic] effects by introducing contingency plans to maintain resilience in the supply chain and manage our distribution network, in light of disruption in the retail and construction sectors,” he concluded.