Shatirah House Restaurant Co. (Burgerizzr) reported a net profit of SAR 7.3 million in the first nine months of 2023, a leap of 88% from SAR 3.9 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 188.81 | 204.32 | 8.2 % |
| Gross Income | 53.31 | 59.37 | 11.4 % |
| Operating Income | 5.90 | 10.00 | 69.5 % |
| Net Income | 3.89 | 7.32 | 88.3 % |
| Average Shares | 35.00 | 35.00 | - |
| EPS (Riyals) | 0.11 | 0.21 | 88.3 % |
This was driven by an increase in sales per store and number of customers. The number of stores remained unchanged at 103 at the end of the period, as five stores closed and five opened.
Gross profit also rose 11.3% year-on-year (YoY) due to an increase in average sales per branch. Gross profit margin increased to 29.1% from 28.2% a year earlier.
Meanwhile, depreciation, rent, utilities, and maintenance expenses moved up. Selling expenses rose 11.88% YoY to SAR 3.3 million due to an increase in delivery fees resulted from increased contribution of online channels including aggregators.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 67.97 | 72.34 | 6.4 % |
| Gross Income | 18.96 | 22.75 | 20.0 % |
| Operating Income | 1.25 | 4.46 | 257.8 % |
| Net Income | 0.91 | 4.06 | 346.1 % |
| Average Shares | 35.00 | 35.00 | - |
| EPS (Riyals) | 0.03 | 0.12 | 346.1 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 70.57 | 72.34 | 2.5 % |
| Gross Income | 22.26 | 22.75 | 2.2 % |
| Operating Income | 6.61 | 4.46 | (32.6 %) |
| Net Income | 4.70 | 4.06 | (13.7 %) |
| Average Shares | 35.00 | 35.00 | - |
| EPS (Riyals) | 0.13 | 0.12 | (13.7 %) |
The third-quarter net earnings soared to SAR 4.1 million, compared with SAR 91,000 a year earlier, driven by higher revenues and gross profit.
Compared with the previous quarter, Q3 net profit dropped 13.7% from SAR 4.70 million.
Total shareholders’ equity, no minority interest, increased to SAR 64.33 billion at the end of the period, from SAR 58.91 billion a year earlier.
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