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Shaker delivers stable Q1 2026 performance with continued strategic progress and positive momentum into 2026
(MENAFN- ipexcellera) Riyadh, Saudi Arabia, 7 May 2026: Al Hassan Ghazi Ibrahim Shaker Co. (“Shaker”, the “Group” or the “Company”), Saudi Arabia’s leading manufacturer, importer, and distributor of air conditioners and home appliances, has announced its financial results for the three-month period ended 31 March 2026, delivering stable performance and continued strategic progress under its Elevate 2027 roadmap, supported by disciplined execution across its core segments.
Mohammed Ibrahim Abunayyan, Chief Executive Officer at Shaker, said:
“Building on the momentum of 2025, we have entered 2026 with a clear focus on disciplined execution and advancing our strategic priorities under Elevate 2027, in alignment with the Kingdom’s Vision 2030. Our focus remains on strengthening our core business, expanding our presence across the real estate and housing ecosystem, and enhancing our consumer offering.
During the quarter, we continued to build on these priorities through the expansion of our partnerships with leading developers, further integration within the housing ecosystem, and ongoing enhancement of our product portfolio and customer experience. This positions us well to capture opportunities across both the residential and consumer segments as the market evolves.
We remain confident in our direction, supported by a strong foundation, a disciplined approach, and a clear set of strategic priorities as we move through 2026.”
Financial Updates
Revenue for Q1 2026 reached SAR 402.2 million, compared to SAR 400.4 million in Q1 2025, reflecting a marginal increase of 0.4% YoY. Performance during the quarter was supported by growth in the Home Appliances segment, which increased by 8.2% YoY to SAR 147.4 million, driven by continued traction across key brands and product categories, stronger seasonal demand during the Ramadan period and related promotional campaigns, as well as contributions from newer brand introductions. This was partially offset by a decline in HVAC revenue, which decreased by 4.1% YoY to SAR 251.9 million, reflecting lower activity in the projects segment during the quarter. The evolving mix across segments remains aligned with the Group’s strategic priorities under Elevate 2027.
Gross profit stood at SAR 95.3 million, compared to SAR 100.6 million in Q1 2025, representing a decline of 5.3% YoY, with gross margin at 23.7% versus 25.1% in the prior year period. The movement in margin reflects changes in revenue mix, with a relatively higher contribution from consumer-driven sales during the quarter.
Operating income amounted to SAR 22.4 million, compared to SAR 25.1 million in Q1 2025, representing a decline of 10.8% YoY. The decrease reflects lower gross profit, partially offset by continued cost discipline across general and administrative and selling expenses.
Net profit attributable to equity holders reached SAR 24.3 million, compared to SAR 27.2 million in Q1 2025, representing a decline of 10.8% YoY, with net margin at 6.0% versus 6.8% in the prior year period. Performance during the quarter reflects the impact of lower operating income alongside higher finance-related costs.
EBITDA for the quarter stood at SAR 37.4 million, compared to SAR 37.1 million in Q1 2025, with EBITDA margin remaining broadly stable at 9.3%, reflecting continued focus on operating efficiency.
From a balance sheet perspective, net debt stood at SAR 368.8 million as of 31 March 2026, reflecting working capital requirements during the period. The Group continues to actively monitor its leverage position and maintain a disciplined approach to liquidity and funding.
Mohammed Ibrahim Abunayyan, Chief Executive Officer at Shaker, said:
“Building on the momentum of 2025, we have entered 2026 with a clear focus on disciplined execution and advancing our strategic priorities under Elevate 2027, in alignment with the Kingdom’s Vision 2030. Our focus remains on strengthening our core business, expanding our presence across the real estate and housing ecosystem, and enhancing our consumer offering.
During the quarter, we continued to build on these priorities through the expansion of our partnerships with leading developers, further integration within the housing ecosystem, and ongoing enhancement of our product portfolio and customer experience. This positions us well to capture opportunities across both the residential and consumer segments as the market evolves.
We remain confident in our direction, supported by a strong foundation, a disciplined approach, and a clear set of strategic priorities as we move through 2026.”
Financial Updates
Revenue for Q1 2026 reached SAR 402.2 million, compared to SAR 400.4 million in Q1 2025, reflecting a marginal increase of 0.4% YoY. Performance during the quarter was supported by growth in the Home Appliances segment, which increased by 8.2% YoY to SAR 147.4 million, driven by continued traction across key brands and product categories, stronger seasonal demand during the Ramadan period and related promotional campaigns, as well as contributions from newer brand introductions. This was partially offset by a decline in HVAC revenue, which decreased by 4.1% YoY to SAR 251.9 million, reflecting lower activity in the projects segment during the quarter. The evolving mix across segments remains aligned with the Group’s strategic priorities under Elevate 2027.
Gross profit stood at SAR 95.3 million, compared to SAR 100.6 million in Q1 2025, representing a decline of 5.3% YoY, with gross margin at 23.7% versus 25.1% in the prior year period. The movement in margin reflects changes in revenue mix, with a relatively higher contribution from consumer-driven sales during the quarter.
Operating income amounted to SAR 22.4 million, compared to SAR 25.1 million in Q1 2025, representing a decline of 10.8% YoY. The decrease reflects lower gross profit, partially offset by continued cost discipline across general and administrative and selling expenses.
Net profit attributable to equity holders reached SAR 24.3 million, compared to SAR 27.2 million in Q1 2025, representing a decline of 10.8% YoY, with net margin at 6.0% versus 6.8% in the prior year period. Performance during the quarter reflects the impact of lower operating income alongside higher finance-related costs.
EBITDA for the quarter stood at SAR 37.4 million, compared to SAR 37.1 million in Q1 2025, with EBITDA margin remaining broadly stable at 9.3%, reflecting continued focus on operating efficiency.
From a balance sheet perspective, net debt stood at SAR 368.8 million as of 31 March 2026, reflecting working capital requirements during the period. The Group continues to actively monitor its leverage position and maintain a disciplined approach to liquidity and funding.
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