Burgerizzr profit soars to SAR 12.3M in 2023; Q4 at SAR 5M
View other reports
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)
| 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 |
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 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 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)
| Period | Shares Outstanding (M) | EPS (Riyal) | Adjusted EPS (Riyal) | Book Value (BV) |
|---|---|---|---|---|
| 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)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| H1 2023 | More than 100 | More than 100 | 5.23 |
| H2 2023 | 33.62 | 33.62 | 6.00 |
| Current | |
| Market Cap (M Riyal) | 834.40 |
| Enterprise Value (EV) (M) | 835.31 |
| 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 | 12.12 |
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}