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Shaker Q4 figures impacted by one-time provision

January 26, 2014

In a recent report, Al-Rajhi Capital has stated that Al-Hassan Ghazi Ibrahim Shaker Co. posted net losses of SAR 31 million for Q4, missing its estimate. The company attributed the net loss to a one-time provisioning charge of SAR 50 million and higher operating and interest expenses. However, Shaker's adjusted net profit (excluding the impact of the one-time provision) stood at SAR 19 million (+205% y-o-y). The company succeeded in maintaining its annual revenue at SAR 1,741 million , almost same as in 2012, despite the challenges faced by the air conditioning market in 2013. The report issuer reiterated its 'Overweight' rating on Shaker, with a target price of SAR 92.65 .; All Rights Reserved - Mubasher Info

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Source: Mubasher (Saudi Arabic)

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