Burgerizzr profit soars to SAR 12.3M in 2023; Q4 at SAR 5M

11/02/2024 Argaam Exclusive

Shatirah House Restaurant Co. (Burgerizzr) reported a net profit of SAR 12.3 million in 2023, an over four-fold increase from SAR 2.7 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 250.44 281.05 12.2 %
Gross Income 68.31 84.75 24.1 %
Operating Income 5.74 15.81 175.7 %
Net Income 2.70 12.29 355.5 %
Average Shares 35.00 35.00 -
EPS (Riyals) 0.08 0.35 355.5 %

The annual profit surge was propelled by a year-on-year (YoY) rise of nearly 12.2% in revenue, thanks to an increase in branch sales and the number of customers. Burgerizzr had 102 branches at the end of 2023, compared to 105 in 2022. Two branches were opened, while five branches were closed.

 

Gross profit jumped 24% YoY on higher average sales per branch, pushing gross profit margin up from 27.2% in 2022 to 30.1% in 2023.

 

Furthermore, administrative expenses decreased 4.3% YoY, primarily due to lower workforce and the company’s effort to utilize the current resources more efficiently. The restaurant chain also reported a decline in the cost of labor force and food inputs, as well as an increase of SAR 203,000 in other income.

 

On the other hand, selling expenses increased by 20.3% YoY, mainly due to higher delivery costs. Finance charges rose SAR 30,000, with losses arising from writing-off property and equipment widening by 73.9% YoY. Burgerizzr recorded higher amortization, lease, and maintenance costs.



Current Half Annual Comparison (M)

Compared With The
Item H2 2022 H2 2023 Change‬
Revenues 61.63 76.73 24.5 %
Gross Income 15.00 25.37 69.1 %
Operating Income (0.16) 5.81 3643.3 %
Net Income (1.19) 4.97 517.4 %
Average Shares 35.00 35.00 -
EPS (Riyals) (0.03) 0.14 517.4 %

In Q4 2023, the company swung to a net profit of SAR 5 million against a net loss of SAR 1.19 million a year earlier.

 

The Q4 net profit rose 22.4% from SAR 4.06 million in the previous quarter.

 

Total shareholders’ equity, no minority interest, rose to SAR 68.86 billion as of Dec. 31, 2023, from SAR 56.93 billion a year earlier.

 

Burgerizzr’s Interim Financials

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2020

82.82 

5.62

0.16

H2 2020

113.01

13.38

0.38

H1 2021

106.63

6.50

0.19

H2 2021

128.15

8.87

0.25

H1 2022

120.84

2.98

0.09

H2 2022

129.06

(0.28)

(0.01)

H1 2023

131.98

3.26

0.09

H2 2023

149.07

9.03

0.26

View More Financial Results

 

View other reports



Financial Ratios
Current
Market Cap (M Riyal) 731.50
Enterprise Value (EV) (M) 732.41
Shares Outstanding ((M)) 35.00
Book Value (BV) ( Riyal) 1.97
Par Value ( Riyal) 1.00
Adjusted P/E (Last12) More than 100
Price/book 10.62
more


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 61.63 - 15.00 - (0.16) -
H1 2023 70.57 - 22.26 - 6.61 -
H2 2023 76.73 24.5 % 25.37 69.1 % 5.81 3643.3 %
2023 281.05 12.2 % 84.75 24.1 % 15.81 175.7 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 - - - - - -
H2 2021 - - - - - -
H1 2022 - - - - - -
H2 2022 (1.19) - (0.03) - (1.19) (0.03)
H1 2023 4.70 - 0.13 - 4.70 0.13
H2 2023 4.97 517.4 % 0.14 - 4.97 0.14
2023 12.29 355.5 % 0.35 - 12.29 0.35

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 26.99 % 12.08 % 1.14 %
H2 2023 30.15 % 14.34 % 4.37 %
2023 30.15 % 14.34 % 4.37 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 35.00 - - 1.26
H2 2020 35.00 - - 1.36
H1 2021 - - - -
H2 2021 - - - -
H1 2022 - - - -
H2 2022 35.00 - - 1.63
H1 2023 35.00 0.09 0.09 1.72
H2 2023 35.00 0.35 0.35 1.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - 4.98
H1 2023 More than 100 More than 100 5.23
H2 2023 33.62 33.62 6.00

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