Riyadh - Mubasher: Al Hassan Ghazi Ibrahim Shaker Company (Shaker Group) witnessed a 65.67% year-on-year (YoY) decline in net profit during the third quarter (Q3) of 2026, falling to SAR 6.12 million from SAR 17.82 million.
The group attributed the drop to higher logistics expenses, increased selling and distribution costs, and a lower profit contribution from its associate company.
Quarterly revenue rose by 2.67% to SAR 354.10 million, supported by seasonal demand for HVAC solutions and a 5.80% increase in home appliance sales. However, gross profit fell by 5.04% to SAR 81.42 million as margins were pressured by a shift in product mix toward lower-margin segments and rising transportation costs.
Operating profit for the period plummeted by 54.65% to SAR 9.71 million.
For the first nine months (9M) of 2026, the company’s net profit reached SAR 35.71 million, a 44.99% decrease compared to SAR 64.92 million in the same period of 2025.
Earnings per share (EPS) hit SAR 0.54, down from SAR 0.98 a year earlier.
Despite the lower earnings, Shaker Group improved its financial position, reducing net debt by 33.50% to SAR 250.20 million as of 30 September 2026.
In Q2-26, Shaker Group registered 73.28% YoY lower profits at SAR 5.32 million, compared to SAR 19.90 million.
