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Shatirah House Restaurant Co. announces its Interim Financial Results for the Period Ending on 2023-06-30 ( Six Months )
| Element List | Current Period | Similar period for previous year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 131,978,263 | 120,843,668 | 9.21 | ||
| Gross Profit (Loss) | 36,622,168 | 34,344,145 | 6.63 | ||
| Operational Profit (Loss) | 5,544,816 | 4,654,709 | 19.12 | ||
| Net Profit (Loss) after Zakat and Tax | 3,264,255 | 2,978,162 | 9.61 | ||
| Total Comprehensive Income | 3,338,582 | 3,266,778 | 2.2 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 60,274,587 | 58,008,756 | 3.91 | ||
| Profit (Loss) per Share | 0.09 | 0.09 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| Increase (Decrease) in Net Profit for Current Period Compared to Previous Period is Attributed to | The net profit of the Company for the current period increased by 9.6% as compared to the net profit of the previous period because: Revenues: were increased as compared to last period by approximately 9.2% mainly due to increase in same store sales and guest count. On the other hand, number of branches increased to 103 by the end of the current period as compared to 101 branches at the end of same period of the previous year. 7 new branches were added and 5 branches were closed since end of same period last year. Although overall guest count has increased the average check went down. Gross profit: increased by 6.6% mainly because of increase in average sales per branch. However, gross profit margin reduced from 28.42% in the same period of previous year to 27.75% in current period mainly because of increase in food cost. Further, depreciation, rent, utilities and maintenance expenses also increased in line with the increase in number of branches. Selling Expenses: Increased by 15.48% mainly due to increased contribution of online channels. Administrative Expenses: Decreased by 9.9% mainly due to decrease in manpower and efforts to efficiently utilize support resources Others: Operating profit increased by 19.12%, however, the net profit for the period only increased by 9.6%. due to increase in loss on disposal of property and equipment during the period by SR 609 thousand (85.16%) as compared to same period of last year. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | None |
| Reclassification of Comparison Items | The gross profit for the six months period ended 30 June 2022 is adjusted by SR 2.77 million due to reclassification of regional management costs from cost of revenue to general and administrative expenses in the 30 June 2022 financial statements in line with the presentation of the current period. For more details, please refer note 13 in the financial statements for the six months period ended 30 June 2023 |
| Additional Information | As a result of splitting of the nominal value per share from SR 10 per share to SR 1 per share during the six months period ended 30 June 2023 earnings per share for the six-month period ended have been calculated retrospectively by adjusting the weighted average number of outstanding shares to reflect the effect of share split from 3.5 million to 35 million shares. For more details, please refer Note 10 in the financial statements for the six months period ended 30 June 2023 |
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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