Burgerizzr H1 2023 profit rises 10% to SAR 3.3 mln

Shatirah House Restaurant Co. (Burgerizzr) reported a net profit of SAR 3.3 million in H1 2023, an increase of 10% from SAR 3 million in the year-earlier period.

Revenues rose 9.2% year-on-year (YoY) on an increase in same-store sales and guest count.

On the other hand, the number of branches went up to 103 at the end of the current period, compared to 101 a year earlier. Seven new branches were added, while five others had been closed since the end of the same period last year.

Gross profit was up 6.6% on higher average sales per branch. However, gross profit margin fell from 28.42% to 27.75% in H1 2023.

Depreciation, rent, utilities, and maintenance expenses rose in line with the increase in the number of branches.

Selling expenses leapt by 15.48% due to the increased contribution of online channels. Meanwhile, administrative expenses declined by 9.9%.

Total shareholders' equity, with no minority interest, reached SAR 60.27 billion at the end of the current period, up from SAR 58 billion a year earlier.

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