Shatirah House Restaurant Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 281,053,038 | 250,436,084 | 12.22 | ||
| Gross Profit (Loss) | 84,744,637 | 68,310,131 | 24.06 | ||
| Operational Profit (Loss) | 15,814,450 | 5,735,270 | 175.74 | ||
| Net profit (Loss) | 12,285,277 | 2,696,972 | 355.52 | ||
| Total Comprehensive Income | 11,931,181 | 2,194,027 | 443.8 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 68,867,186 | 56,936,005 | 20.95 | ||
| Profit (Loss) per Share | 0.35 | 0.08 | |||
| 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 year compared to the last year | Revenues: were increased as compared to last year by approximately 12.2% mainly due to increase in same store sales and guest count. Number of branches remains 102 by the end of the current year as compared to 105 branches at the end of previous year. 2 new branches were added and 5 branches were closed in this period. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The net profit of the Company for the Current year increased by SR 9.6 million i.e. by 355.5% as compared to the net profit of the previous year because:
Gross profit: increased by 24% mainly because of increase in average sales per branch and gross profit margin increased from 27.2% in previous year to 30.1% in current year. Food cost and labor cost decreased, further depreciation, rent, utilities and maintenance expenses are increased.
Selling Expenses: Increased by SAR 7.5 million, or 20.3% mainly due to increase in delivery fees resulted from increased contribution of online channels including aggregators.
Administrative Expenses: Decreased by SAR 1.1 million, or 4.3% mainly due to decrease in number of employees and management efforts to more efficiently utilize support resources.
Others: Finance costs are increased by SR 30 thousand, loss on disposal of property and equipment is increased by SR 728 thousand or 73.9% and other income is increased by SR 203 thousand. |
| Statement of the type of external auditor's report | Unmodified opinion |
| 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 | The Repayment of Loans & Borrowings for the year ended 31 December 2022 is adjusted by SR 944K due to reclassification of Finance cost paid from Repayment of Loans & Borrowings in the 31 December 2022 financial statements in line with the presentation of the current year. For more details, please refer note 13 in the financial statements for the year ended 31 December 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 year ended 31 December 2023 earnings per share for the previous year 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. |
Comments