Saudi's Shaker Group stock sell-off to continue until Q3 2019 - CEO | ZAWYA MENA Edition:
Saudi Arabia’s Shaker Group, an importer and manufacturer of air conditioners and home appliances, will continue to liquidate stock in the upcoming period in order to improve inventory efficiency and working capital management, its chief executive said.
Listed on the Saudi stock exchange as Al Hassan Ghazi Ibrahim Shaker Co., the group reported widening losses in the first quarter of 2019 last week, with a net loss after zakat and tax of 27.4 million riyals, increasing by 33.2 percent from a loss of 20.6 million riyals in Q1 2018.
But the group said that it will continue to introduce operational efficiencies through its ‘Breakthrough Program’ turnaround strategy.
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