20/06/2020 11:03 AST

Saudi-based Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group), a leading importer, manufacturer and distributor of air conditioners and home appliances, has recorded a first quarter net loss of SR3.3 million ($879,010), decreasing by 88.5% year-on-year.

Announcing its financial results for the three-month period ended March 31, Shaker Group said there has been a major improvment in its revenue growth for the period which rose to SR221 million compared to the last year.

The group’s operating loss for the quarter was SR3.9 million, improving by 80.1% compared to a loss of SR19.6 million in Q1 2019, it stated.

The Saudi group said operational efficiencies continued to be introduced across the business, in line with the breakthrough programme strategy that was launched in Q1 2019.

First quarter results were largely unaffected by the impact of the Covid-19 pandemic, although the Group expects to see a material impact on performance in future quarters.

On its impressive performance, CEO Engineer Azzam Saud Almudaiheem said: "The results for the first quarter are an achievement that we are proud of, as the business continues to reduce losses and improve efficiency following the roll-out of our breakthrough program strategy."

"A net loss reduction of 88% and an 80% reduction in operational losses are significant milestones that reflect our efforts to improve efficiency across the business. Moreover, a significant year-on-year improvement in revenues demonstrates that our optimized sales structure is bearing fruit," he stated. "This, coupled with a more efficient cost structure, mean that Shaker Group is achieving the objectives set out by the program," he added.

Almudaiheem pointed out that this quarter, the Shaker Group had welcomed a new brand, Bompani, to its home appliances segment, which complements its other brands and products.

"We are now facing the adverse effects of the Covid-19 pandemic, including business disruption as a result of containment measures implemented across the Kingdom, although we are cautiously optimistic on the gradual easing of certain restrictions," he noted.

"Both the Board and management are working hard to mitigate the effects by introducing contingency plans to maintain resilience in the supply chain and manage our distribution network, in light of disruption in the retail and construction sectors," he added.

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