Saudi AC distributor sees 30.5% increase in Q1 revenue

Saudi AC distributor sees 30.5% increase in Q1 revenue
Saudi AC distributor sees 30.5% increase in Q1 revenue

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Jeddah - Yasmine El Tohamy - RIYADH: Al Hassan Ghazi Ibrahim Shaker Co. (Shaker), a Saudi importer, manufacturer and distributor of air conditioners (ACs) and home appliances, has reported that revenue in the first three months of 2021 grew 30.5 percent year-on-year to SR288.3 million ($76.88 million), resulting in a net profit of SR4.5 million for the quarter.

The quarterly rebound is in contrast to a net loss of SR3.3 million in the same period last year.

Mohammed Ibrahim Abunayyan, CEO of Shaker, said in a press statement: “During the first quarter our team continued to demonstrate flexibility to operate in a challenging environment and deliver strong sales and earnings. At the beginning of the year, we rolled out our 2021-2023 strategy and we are pleased to already see the results of our growth plan.

“We continue to expand our footprint in our core segments – ACs and home appliances – by growing our portfolio and seeking new opportunities in the market. In the first quarter we welcomed Panasonic, a brand with which we have now entered the TV category. Meanwhile, we have pursued opportunities emerging from the government’s commitment to megaprojects across the Kingdom, and this is an area we will continue to place significant emphasis on.”

The company has also embraced new manufacturing techniques, such as robotics and artificial intelligence, at its LG-Shaker manufacturing facility in Riyadh, which has helped to increase production speed and accuracy and reduce sots, he added.

According to a report by research company Euromonitor, the Saudi AC market is set to grow by 2 percent in the next two years, while the home appliances market is expected to grow by 3 percent over the next three years

Growth will also be supported by government energy-efficiency programs including the Saudi Energy Efficiency Center’s high-efficiency AC initiative, and Tarsheed, the government’s National Energy Services Company.

Shaker also sees potential growth due to the launch of megaprojects such as NEOM and the Red Sea Project.

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