Shaker Co. Reports Record Q3 and 9M 2024 Results Driven by Strong HVAC Performance

Air Conditioner

SAUDI ARABIA: Al Hassan Ghazi Ibrahim Shaker Co., Saudi Arabia’s leading manufacturer, importer, and distributor of air conditioners and home appliances, has announced its financial results for the first nine months and third quarter of 2024, marking its highest Q3 and 9M performance since 2017.

Shaker’s results reflect strong momentum in its HVAC solutions segment and improved operational efficiency. The HVAC segment recorded significant growth, offsetting a softer performance in the Home Appliances segment, and driving record revenue and net profit for Q3. Within HVAC, robust demand from the Kingdom’s mega projects continues to fuel B2B growth, while B2C demand remains strong. In the Home Appliances segment, Shaker’s core exclusive brand portfolio continues to expand, reinforcing its market position and broadening customer reach.

The Company’s growing retail network is expected to further support this momentum. Shaker recently opened its 10th store in Dammam, with three additional stores scheduled to open by Q1 2025, enhancing its presence in the B2C channel.

Operational efficiency has also been strengthened through the Company-wide transition to SAP S/4HANA ERP, completed in July. Early benefits of the new system are already visible in streamlined processes, positioning Shaker for scalable growth as it continues to expand.

Source: Zawya