Burgerizzr net profit down 82% to SAR 2.7 mln in 2022

22/03/2023 Argaam Exclusive

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Shatirah House Restaurant Co. (Burgerizzr) reported a net profit of SAR 2.7 million in 2022, a decline of 82% from SAR 15.4 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	234.78	250.44	6.7 %
Gross Income	70.08	68.31	(2.5 %)
Operating Income	17.75	5.74	(67.7 %)
Net Income	15.37	2.70	(82.4 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	0.44	0.08	(82.4 %)

Revenues grew 6.67% year-on-year (YoY) mainly due to increase in the number of branches to 105. Gross profit fell 2.53% YoY and gross profit margin declined from 29.85% in 2021 to 27.28% in 2022.

Selling expenses rose by 26.43% (SAR 7.67 million) due to increase in delivery fees resulted from increased contribution of online channels including aggregators. In addition, administrative expenses went up by SAR 2.57 million on increase in the number of employees and other expenses.

Current Half Annual Comparison (M)

Compared With The

Item	H2 2021	H2 2022	Change‬

Total shareholders’ equity, no minority interest, increased to SAR 56.93 million at the end of 2022 from SAR 54.74 million in 2021.

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