Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker (Shaker) posted a 33.2% year-on-year increase in its losses during the first quarter of 2019.

Net losses, after zakat and tax, stood at SAR 27.39 million in Q1-19, compared to SAR 20.55 million in Q1-18, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

Revenues of the Saudi-based company plunged 8.2% year-on-year to SAR 197.33 million during the first three months of 2019.

The increase in Q1-19 net losses was attributed to an 8.2% reduction in sales and a decline of 37.4% in gross profit, combined with a weaker performance of Shaker’s subsidiary Energy Management Services Company (EMS) in the UAE.

“Despite market challenges, management is aiming to build on the positive results that the Group’s sales strategy delivered in the first quarter, with the implementation of the Breakthrough Programme already yielding results,” the statement highlighted.

However, the Saudi group will maintain progress toward its 2019 objectives by strengthening its operating model through the Breakthrough Programme.

Shaker group will exploit its market share of the Multi V product range to expand its presence in the market, in light of the current real estate strategy adopted by the Saudi government.

In 2018, Shaker reported a 14.9% year-on-year loss increase, recording SAR 197.42 million.