Riyadh – Mubasher: Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) reported a 9.04% year-on-year (YoY) growth in net profit to SAR 48.69 million from SAR 44.65 million.

The company’s revenue rose by 15.96% YoY to SAR 758.38 million in H1-24 from SAR 653.95 million in H1-23, according to interim financial results.

The earnings per share (EPS) reached SAR 0.88 from January until the end of June, up from SAR 0.80 in the corresponding period a year earlier.

Quarterly Results

During the second quarter (Q2) of 2024, Shaker Group’s net profit increased by 3.54% to SAR 16.44 million from SAR 15.88 million.

Sales went up by 12.27% to SAR 345.13 million in Q2-24 from SAR 307.39 million.

Quarter-on-quarter (QoQ), the company’s net profit dropped 48.99% in Q2-24 from SAR 32.24 million in the previous quarter, while sales shrank by 16.48% from SAR 413.24 million.

Mohammed Ibrahim Abunayyan, CEO at Shaker, said: "We've achieved significant milestones across our operations, reinforcing our market leadership and setting the stage for sustained long-term growth.”

“As we look ahead, we're excited about the imminent launch of our new growth strategy. This roadmap will build on our strong foundation and guide Shaker towards new heights of innovation and sustainable growth in the evolving Saudi market,” Abunayyan added.

It is worth highlighting that Shaker Group reported a 12.08% YoY jump in net profit to SAR 32.24 million in Q1-24 from SAR 28.77 million.