Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) recorded a 99.28% year-on-year (YoY) surge in net profit to SAR 65.42 million in 2023 from SAR 32.83 million.

Revenues grew by 19.19% YoY to SAR 1.23 billion last year from SAR 1.03 billion in 2022, according to the annual financial results.

The earnings per share (EPS) jumped to SAR 1.36 in 2023 from SAR 0.68 the year before.

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.”

“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,” Abunayyan added.

“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,” he noted.

It is worth noting that the net profit of Shaker Group registered SAR 61.43 million during the first nine months (9M) of 2023.