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Shatirah House Restaurant Co. "BURGERIZZR" announces its Interim Financial results for the Period Ending on 2024-06-30 (Six Months)
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 70,261,367 | 70,573,281 | -0.441 | 75,816,413 | -7.326 |
| Gross Profit (Loss) | 21,138,955 | 22,263,852 | -5.052 | 25,869,646 | -18.286 |
| Operational Profit (Loss) | 2,009,823 | 6,614,088 | -69.612 | 5,835,163 | -65.556 |
| Net profit (Loss) | 1,423,156 | 4,700,008 | -69.72 | 5,265,773 | -72.973 |
| Total Comprehensive Income | 1,152,968 | 4,774,335 | -75.85 | 5,265,773 | -78.104 |
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 146,077,780 | 131,978,263 | 10.683 |
| Gross Profit (Loss) | 47,008,601 | 36,622,168 | 28.361 |
| Operational Profit (Loss) | 7,844,986 | 5,544,816 | 41.483 |
| Net profit (Loss) | 6,688,929 | 3,264,255 | 104.914 |
| Total Comprehensive Income | 6,418,741 | 3,338,582 | 92.259 |
| Total Shareholders Equity (after Deducting Minority Equity) | 70,385,927 | 60,274,587 | 16.775 |
| Profit (Loss) per Share | 0.191 | 0.093 | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenues: The Company achieved total revenue for Q2 2024 amounting to SR 70.2 million, comparing to SR 70.5 million for Q2 2023 and which is almost same level of sales, and the reason for the 0.44% decrease in sales compared to the same quarter is mainly due to the faltering demand for the burger fast food market during the month of May, and this circumstance was dealt with to ensure that our performance was enhanced, which we witnessed, the return of positive performance in June. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The net profit of the Company for Q2 2024 decreased by SR 3.3 million SR, as compared to the net profit of the same quarter of 2023 because: Gross profit: decreased by 5% mainly because of decrease in sales and gross profit margin decreased from 31.5% in the same period of previous year to 30.1% in current period. Food cost, rent, utilities and maintenance expenses increased Selling Expenses: Increased by SAR 1.4 million, or 13.4% mainly due to increase in delivery fees resulted from increased contribution of online channels including aggregators. Administrative Expenses: Increased by SAR 2.1 million mainly due to increase in salaries and other expenses in line with growth in business. Others: Finance costs have decreased by SR 66 thousand, loss on disposal of property and equipment decreased by SR 1.1 Million and other income increased by SR 148 Thousand. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The Company achieved total revenue for Q2 2024 amounting to SR 70.2 million, comparing to SR 75.8 million for Q1 2024 and the reason for decrease of 7.3% in sales as compared to previous quarter is mainly due to the faltering demand for the burger fast food market during the month of May, and this circumstance was dealt with to ensure that our performance was enhanced, which we witnessed, the return of positive performance in June. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The net profit of the Company for Q2 2024 decreased by SR 3.8 Million as compared to Q1 of 2024 because: Gross profit: decreased by 18.3% mainly because of decrease in sales and gross profit margin decreased from 34.1% in Q1 of 2024 to 30.1% in current period. Selling Expenses: Decreased by SAR 730 thousand, or 5.9% which is in line with decrease in revenue. Administrative Expenses: Decreased by SAR 176 thousand mainly due to decrease in salaries and other expenses. Others: Finance costs increased by SR 78 thousand, loss on disposal of property and equipment increased by SR 5 thousand and other income decreased by SR 23 thousand. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenues: have increased as compared to same period of previous year by approximately 10.7% mainly due to increase in same store sales and guest count |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The Company's net profit for the current period increased by SAR 3.4 million compared to the net profit for the same period of 2023 due to the following reasons: Gross profit: increased by 28.4% mainly due to higher average sales per branch, and gross profit margin increased from 27.7% in the same period of the previous year to 32.2% in the current period, due to lower cost of food, higher rent, utilities and maintenance expenses. Selling Expenses: Increased by SAR 4.5 million, or 23% mainly due to increase in delivery fees resulted from increased contribution of online channels including aggregators. Administrative Expenses: Increased by SAR 3.6 million mainly due to increase in salaries and other expenses in line with growth in business. Others: Finance costs have decreased by SR 128 thousand, loss on disposal of property and equipment decreased by SR 803 thousand and other income increased by SR 282 thousand. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | None |
| Reclassification of Comparison Items | None |
| Additional Information | The comparative information for the condensed interim statement of profit and loss & other comprehensive income for the three months period ended 30 June 2023 and related explanatory notes, have not been audited or reviewed but for six month period ended 30 June 2023 were reviewed. The number of branches at the end of the current period reached (103) branches, compared to (103) branches at the end of the same period of the previous year. Where 3 new branches were opened in new areas (Jazan, Sabya, Dawadmi), and 3 branches were closed since the end of the same period last year. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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