Shaker Group announces reduced Q3 losses

Shaker Group is headquartered in Riyadh.
Updated 12 November 2018
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Shaker Group announces reduced Q3 losses

Shaker Group, a Saudi importer, manufacturer and distributor of air conditioners and home appliances, has announced its financial results for the third quarter of 2018 and the nine-month period ending Sept. 30.

The losses for the third quarter, at both net and operating levels, decreased compared to Q3 2017, as a result of improvements in the group’s gross margin and the delivery of reduced operating costs, showing that initiatives for reducing expenses in line with management’s optimization program are already effective. The general and administrative expenses were reduced by SR1.6 million ($426,600), resulting from lower employee costs. Costs were further reduced by a SR0.7 million decrease in financing expenses as compared with 2017.

On a year-on-year basis, the company was successful in reducing general and administrative expenses by 11.4 percent for the nine months ending Sept. 30, while selling and distribution expenses decreased by 12.8 percent and other expenses decreased by SR14.2 million. 

Azzam Saud Almudaiheem, chief executive at Shaker Group, said: “While we continue to face pressure on sales revenues as a result of market challenges including increased competition, a lackluster construction sector and unfavorable seasonality in the third quarter, we are pleased that our efforts to reduce operating expenses and improve efficiencies are delivering results. We are bullish on the positive effect we expect to see from our cost optimization measures, and while we have experienced difficult years in a challenging market, we are addressing these issues head-on to achieve improved performance. We remain confident that the market for air conditioners and home appliances will show long-term promise, which we will actively exploit.”

The net losses for the nine-month period increased compared to the same period in 2017, mainly due to a decrease in sales of 27.2 percent, resulting from sustained market headwinds that include increased competition, muted customer demand, and reduced spending on real estate and construction projects in Saudi Arabia. 


CMRC admits first patients to new Saudi clinic

Updated 21 May 2019
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CMRC admits first patients to new Saudi clinic

Cambridge Medical and Rehabilitation Center (CMRC), a top post-acute rehabilitation and long-term care facility in the UAE, has admitted 15 patients to its first medical facility in Saudi Arabia. 

CMRC’s new 60-bed clinic, located between Dhahran and Alkhobar, aims to help patients requiring post-acute care and rehabilitation services to make large improvements in their quality of life through multidisciplinary rehabilitative therapies including physiatry, physiotherapy, occupational therapy, speech and language therapy, and multi-sensory room sessions. 

The facility is staffed by multiple clinical experts including GPs, internal medicine consultants, pediatricians, ICU intensivists, rehabilitation consultants, psychologists and therapists, and will service patients across the eastern region of Saudi Arabia. 

It follows the same clinical procedures and protocols successfully implemented in facilities in the UAE, similarly benefiting from the center’s international partnership with the Spaulding Rehabilitation Network, a teaching affiliate of Harvard Medical School, and accreditations from Joint Commission International, CARF and Planetree.

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CMRC, a portfolio company of health care specialist investor TVM Capital Healthcare, also operates facilities in Abu Dhabi and Al-Ain in the UAE.

CMRC Group CEO Dr. Howard S. Podolsky said: “We expand into countries where there is notable demand for post-acute care and rehabilitation services. Like many countries around the world, Saudi Arabia is experiencing a rise in the incidence of non-communicable diseases, birth defects, and life-threatening injuries. Our new facility brings our world-class medical treatment, care, and rehabilitation therapies to the Kingdom through a truly patient-centric approach.”

He added: “We look forward to helping families in the region improve their quality of life and using our international expertise and specialized workforce to support the government of Saudi Arabia’s focus on health care development, as part of Saudi Vision 2030.” 

CMRC, a portfolio company of health care specialist investor TVM Capital Healthcare, also operates facilities in Abu Dhabi and Al-Ain in the UAE.

Dr. Helmut Schuehsler, CEO of TVM Capital Healthcare and board member of CMRC, said: “We believe that private equity investment should be a force for good, and that by working in health care, we have a real opportunity to make a difference to patients’ lives. Therefore, we conceptualized and invested in CMRC in the UAE to cater to those in need of post-acute care and an elevated level of rehabilitation. CMRC grew to be the leading post-acute care and rehabilitation provider in the UAE. We are very happy to bring the offer to the people of Saudi Arabia now.”

CMRC offers both inpatient services at its medical centers and outpatient therapy, where patients follow a rehabilitation program after discharge. The company employs more than 500 staff members across all facilities.