Burgerizzr’s H1 2022 net profit down 54% to SAR 3 mln

Shatirah House Restaurant Co. (Burgerizzr) reported a net profit after Zakat and tax of SAR 3 million in the six months ended June 30, 2022, a decline of 54%, compared to SAR 6.5 million in the year-earlier period.

This came as selling expenses increased by SAR 5.2 million, or 43.77% year-on-year (YoY), while financing costs (FC) rose by SAR 529,200 during the six-month period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	106.63	120.84	13.3 %
Gross Income	29.93	34.34	14.8 %
Operating Income	7.14	4.65	(34.8 %)
Net Income	6.50	2.98	(54.2 %)
Average Shares	35.00	35.00	-
EPS (Riyals)	0.19	0.09	(54.2 %)

The profit decline was also attributed to recording losses on disposal of property, plant and equipment of SAR 707,000 in H1 2022, along with increased raw material and labor costs – resulted from additional Saudisation requirements – as well as higher shipping and packing costs.

This was despite a 13.33% YoY surge in revenues, driven by an uptick in the number of branches to 101 by the end of the six-month period, compared to 87 branches in the previous year. As many as 15 new branches were added and two others were replaced, while one more closed down. The number of customers remained unchanged, but the value of one invoice per client dropped significantly.

Administrative expenses decreased by SAR 1 million, or 9.64% YoY, as a result of focusing on improving support service activities.

Total shareholders’ equity, excluding minority interest, stood at SAR 58.008 million by the end of the six-month period, compared to SAR 53.966 million in the prior-year period.

On June 30, 2022, the company’s shareholders approved a capital increase by SAR 10 million, to be financed from its retained earnings.

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Financial Ratios

	Current
Market Cap (M Riyal)	857.50
Enterprise Value (EV) (M)	858.41
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	12.45

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	87.12	-	25.96	-	14.07	-
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	127.22	46.0 %	33.06	27.3 %	15.42	9.6 %
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	164.50	29.3 %	42.68	29.1 %	17.98	16.6 %
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	195.83	19.0 %	51.06	19.6 %	21.80	21.2 %
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	234.78	19.9 %	70.08	37.3 %	17.75	(18.6 %)
H1 2022	-	-	-	-	-	-

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	87.12	-	25.96	-	14.07	-
2018	127.22	46.0 %	33.06	27.3 %	15.42	9.6 %
2019	164.50	29.3 %	42.68	29.1 %	17.98	16.6 %
2020	195.83	19.0 %	51.06	19.6 %	21.80	21.2 %
2021	234.78	19.9 %	70.08	37.3 %	17.75	(18.6 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
H1 2013	-	-	-	-	-	-
H2 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
H1 2014	-	-	-	-	-	-
H2 2014	-	-	-	-	-	-
2014	-	-	-	-	-	-
H1 2015	-	-	-	-	-	-
H2 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
H1 2016	-	-	-	-	-	-
H2 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
H1 2017	-	-	-	-	-	-
H2 2017	-	-	-	-	-	-
2017	13.29	-	0.38	-	13.29	0.38
H1 2018	-	-	-	-	-	-
H2 2018	-	-	-	-	-	-
2018	14.96	12.5 %	0.43	-	14.96	0.43
H1 2019	-	-	-	-	-	-
H2 2019	-	-	-	-	-	-
2019	16.21	8.4 %	0.46	-	16.21	0.46
H1 2020	-	-	-	-	-	-
H2 2020	-	-	-	-	-	-
2020	19.00	17.2 %	0.54	-	19.00	0.54
H1 2021	-	-	-	-	-	-
H2 2021	-	-	-	-	-	-
2021	15.37	(19.1 %)	0.44	-	15.37	0.44
H1 2022	-	-	-	-	-	-

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	13.29	-	0.38	-	13.29	0.38
2018	14.96	12.5 %	0.43	-	14.96	0.43
2019	16.21	8.4 %	0.46	-	16.21	0.46
2020	19.00	17.2 %	0.54	-	19.00	0.54
2021	15.37	(19.1 %)	0.44	-	15.37	0.44

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
2013	-	-	-
H1 2014	-	-	-
H2 2014	-	-	-
2014	-	-	-
H1 2015	-	-	-
H2 2015	-	-	-
2015	-	-	-
H1 2016	-	-	-
H2 2016	-	-	-
2016	-	-	-
H1 2017	-	-	-
H2 2017	-	-	-
2017	29.80 %	18.96 %	15.26 %
H1 2018	-	-	-
H2 2018	-	-	-
2018	25.98 %	15.19 %	11.76 %
H1 2019	-	-	-
H2 2019	-	-	-
2019	25.94 %	20.07 %	9.85 %
H1 2020	-	-	-
H2 2020	-	-	-
2020	26.07 %	21.19 %	9.70 %
H1 2021	-	-	-
H2 2021	-	-	-
2021	29.85 %	16.67 %	6.55 %
H1 2022	-	-	-

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	29.80 %	18.96 %	15.26 %
2018	25.98 %	15.19 %	11.76 %
2019	25.94 %	20.07 %	9.85 %
2020	26.07 %	21.19 %	9.70 %
2021	29.85 %	16.67 %	6.55 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
H1 2013	-	-	-
H2 2013	-	-	-
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	-	-	-

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
H1 2013	-	-	-	-
H2 2013	-	-	-	-
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	-	-	-	-

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2012	-	-	-	-
2013	-	-	-	-
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	35.00	0.38	0.38	0.86
2018	35.00	0.43	0.43	1.09
2019	35.00	0.46	0.46	1.11
2020	35.00	0.54	0.54	1.36
2021	35.00	0.44	0.44	1.56

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
H1 2013	-	-	-
H2 2013	-	-	-
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	-	-	-

Period	P/E	Adjusted P/E	Price/book
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	47.69	47.69	13.39

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Burgerizzr’s H1 2022 net profit down 54% to SAR 3 mln

Financials (M)

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Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

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