Dubai: Shaker, a Saudi importer, manufacturer and distributor or air conditioners and home appliances, has posted a net profit of SAR 15.3 million in the first half of 2021 compared to SAR 2.8 million in H1 2020.
Shaker achieved revenue of SAR 577.8 million, growing by 18.2 percent compared to H1 2020 while the gross profit of SAR 119.0 million increased by 17.2 percent year-on-year, the company said and claimed the performance was supported by robust sales for the fourth consecutive quarter as a result of Shaker’s portfolio expansion and improvement across its distribution channels.
Mohammed Ibrahim Abunayyan, Chief Executive Officer at Shaker, said: “Shaker has succeeded in growing market share in the Home Appliance segment and steadily growing the AC segment. Business segment sales continue to grow, demonstrating healthy market appetite for Shaker’s products and services.”
The company said employee costs were reduced by 9 percent from H1 2020 and robotics and AI technology was successfully integrated at LG-Shaker factory in Riyadh, which enhanced the existing manufacturing capabilities.
