Shaker Group announces reduced Q3 losses

Shaker Group is headquartered in Riyadh.
Updated 12 November 2018

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. 

Bosch opens flagship store in Jeddah

Updated 16 February 2019

Bosch opens flagship store in Jeddah

European home appliances brand Bosch has opened its flagship store in the Kingdom. The showroom, located in the heart of Jeddah, was recently inaugurated in the presence of Holger G. Ziegeler, the German consul general in Jeddah. 

Spread across 300 square meters of built-up area, the new Bosch store makes room for a product display ranging over 100 different appliances and models, all designed by German engineers. 

The showroom follows a two-story structure, with the ground floor dedicated to product showcases according to themes and categories. 

It hosts a welcome area, a brand heritage and innovation wall along with areas dedicated to kitchen inspiration, cooling, laundry, cooking and baking. The floor above makes room for a live cooking area and a “Perfect Kitchen” concept. 

“Our new flagship store strengthens our brand presence in the Saudi market and complements our existing network of outlets — which are currently in shop-in-shop forms,” said BSH Home Appliances CEO Tomas Alonso.

He added: “This purpose-built space will help us deliver the quality, innovation, design intelligence and efficiency that Bosch stands for. Bosch prioritizes innovation in the service of a healthy balanced life, and I look forward to people exploring the concept themselves in this beautiful new space.” 

The showroom will also showcase the strides Bosch is making toward intelligent eco-friendliness, where appliances reduce their energy and water footprints. Consumers not only give back to the environment but also save costs through reduced utility bills. 

The store, operated by Bosch Home Appliances Saudi Arabia distributor and partner Abdul Latif Jameel Electronics, also serves as a logistics hub for Bosch products across the Kingdom.

“Bosch products have proved very popular with Saudi households thanks to the brand’s association with quality, trust and excellent design. Bosch products are invented for life, with the goal of making life noticeably easier, healthier and more balanced. We are proud to be exclusive partners and distributors of Bosch in the Kingdom, and are delighted to be able to welcome customers to a new, easily accessible location,” said Hisham Hamza, CEO of Abdul Latif Jameel Electronics.

The showroom is open from 9 a.m. until 9 p.m., Saturday to Thursday.

BSH Bosch und Siemens Hausgeräte GmbH is the largest manufacturer of home appliances in Europe and one of the leading companies in the sector worldwide. 

The group was founded in 1967 as a joint venture between Robert Bosch GmbH (Stuttgart) and Siemens AG (Munich). Today, BSH operates 40 factories in 13 countries in Europe, the US, Latin America and Asia.