Shatirah House Restaurant Co. announces its Annual Financial Results for the Period Ending on 2021-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 234,782,861 | 195,825,157 | 19.894 | ||
| Gross Profit (Loss) | 65,965,176 | 60,929,826 | 8.264 | ||
| Operational Profit (Loss) | 17,750,704 | 21,799,530 | -18.572 | ||
| Net Profit (Loss) after Zakat and Tax | 15,367,655 | 19,001,022 | -19.121 | ||
| Total Comprehensive Income | 15,091,510 | 18,908,113 | -20.185 | ||
| Total Share Holders Equity (after Deducting Minority Equity) | 54,741,978 | 47,650,468 | 14.882 | ||
| Profit (Loss) per Share | 6.15 | 7.6 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Explanation |
|---|---|
| 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 decreased by SR 3.63 million i.e. by 19.12% as compared to the net profit of the previous year because:
Revenues: were increased as compared to last year by approximately 19.89% due to current market conditions and increase in number of branches to 94 by the end of the current year as compared to 79 branches at the end of previous year. 15 new branches were added and two branches were replaced during the year.
Gross profit: Increased by only 8.26% as compared to the increase in revenue of 19.89% as a result gross profit margin reduced from 31.11% in 2020 to 28.10% in 2021. Mainly due to the increase in raw material costs and increase in labor costs resulted from increase in Saudization requirement plus increased outsource labor and relevant costs due to COVID 19 restrictions (travel ban and quarantine etc.). In addition, higher freight and packaging costs contributed to lower gross profit.
Selling Expenses: Increased by SAR 4.6 million, or 22.61%, in line with volume and revenue growth.
Administrative Expenses: Increased by SAR 4.5 million, or 23.87% in line with general business growth.
Others: Finance costs are increased by SR 139.8 thousand, other expenses are reduced by SR 334.7 thousand and other income is increased by SR 101.2 thousand |
| Statement of the type of external auditor's report | Unmodified opinion |
| Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion | none |
| Reclassification of Comparison Items | The gross profit for the year 2020 is adjusted due to reclassification of sales delivery fees from cost of revenue to selling expenses in the 2020 financial statements in line with the presentation of the current year. For more details, please refer note 30 in the financial statements for the year ended 31 December 2021. |
| Additional Information | none |
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