Burgerizzr H1 2023 profit rises 10% to SAR 3.3 mln

06/08/2023 Argaam Exclusive

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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.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	120.84	131.98	9.2 %
Gross Income	34.34	36.62	6.6 %
Operating Income	4.65	5.54	19.1 %
Net Income	2.98	3.26	9.6 %
Average Shares	35.00	35.00	-
EPS (Riyals)	0.09	0.09	9.6 %

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%.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬

Item	H2 2022	H1 2023	Change‬
Revenues	61.63	70.57	14.5 %
Gross Income	15.00	22.26	48.4 %
Operating Income	(0.16)	6.61	4130.5 %
Net Income	(1.19)	4.70	495.1 %
Average Shares	35.00	35.00	-
EPS (Riyals)	(0.03)	0.13	495.1 %

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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