Financial Results : Burgerizzr 9M 2024 net profit up 31% to SAR 9.6M; Q3 at SAR 2.9M

Burgerizzr 9M 2024 net profit up 31% to SAR 9.6M; Q3 at SAR 2.9M

04/11/2024 Argaam Exclusive

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Shatirah House Restaurant Co. (Burgerizzr) reported a net profit of SAR 9.6 million for the first nine months of 2024, a 31% hike from SAR 7.3 million in the year-earlier period.



Financials (M)

Item 9m 2023 9m 2024 Change‬
Revenues 204.32 223.15 9.2 %
Gross Income 59.37 70.06 18.0 %
Operating Income 10.00 11.01 10.1 %
Net Income 7.32 9.62 31.4 %
Average Shares 35.00 35.00 -
EPS (Riyals) 0.21 0.27 31.4 %

Revenue increased by 9.2%, due to the same store sales as well as opening new branches. Gross profit rose by 18.1% mainly due to higher average sales per branch and increased gross profit margins. Selling expenses grew by SAR 4.6 million, or 14.7% mainly due to higher delivery fees and increased contribution of online channels.

 

Further, administrative expenses increased by SAR 5.1 million mainly due to higher employee costs and other expenses in line with business growth.



Current Quarter Comparison (M)

Compared With The
Item Q3 2023 Q3 2024 Change‬
Revenues 72.34 77.08 6.5 %
Gross Income 22.75 23.05 1.3 %
Operating Income 4.46 3.16 (29.0 %)
Net Income 4.06 2.93 (27.7 %)
Average Shares 35.00 35.00 -
EPS (Riyals) 0.12 0.08 (27.7 %)

However, the Q3 2024 net profit stood at SAR 2.9 million, a decline of 27.7% from SAR 4 million in the year-ago period.

 

On a sequential basis, net earnings almost doubled from SAR 1.4 million in Q2 2024.

 

Total shareholders’ equity (no minority interest) surged to SAR 73.31 million by Sept. 30, 2024, compared to SAR 64.33 million a year earlier.

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