Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) logged a 12.08% year-on-year (YoY) increase in net profit to SAR 32.24 million in the first quarter (Q1) of 2024 from SAR 28.77 million.

Revenues grew by 19.24% YoY to SAR 413.24 million in Q1-24 from SAR 346.56 million, according to a press release.

The earnings per share (EPS) registered SAR 0.67 in the three-month period that ended on 31 March 2024, from SAR 0.60 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit ballooned 706.83% in Q1-24 from SAR 3.99 million in Q4-23, while the revenues soared 59.20% from SAR 259.56 million.

Mohammed Ibrahim Abunayyan, CEO at Shaker, said: "Shaker's Q1-FY24 results are a strong start to the year, building on the momentum we established throughout 2023. Our focus on core business segments, brand diversification, and operational efficiency has continued to cement our market leadership.”

“We are especially proud of achieving a strong balance across our brand portfolio, demonstrating our agility and commitment to catering to evolving customer preferences. This customer centricity is a cornerstone of our vision,” Abunayyan added.

He stated: “Looking ahead, we are excited to share our new growth strategy by mid-2024. This will guide our future direction while positioning Shaker at the forefront of innovation and sustainable growth.”

Shaker Group’s net profit soared 99.28% YoY to a net profit of SAR 65.42 million in 2023 from SAR 32.83 million.