Americana Restaurants International PLC (“Americana Restaurants”) announced its financial results for the first quarter of 2024, highlighting a decline in profits due to boycotts but emphasizing the company’s continued financial resilience.
The net profit attributable to shareholders of the parent company decreased by 51.8 percent to $28 million, compared to $58.1 million in the same period of 2023.
Revenues declined by 16.3 percent to $493.5 million, compared to $589.4 million on an annual basis.
Adjusted EBITDA stood at $103.3 million, maintaining a healthy margin of 20.9 percent against 21.5 percent year-on-year.
The company’s cash position remained strong at $159.9 million.
Americana Restaurants opened 37 new restaurants during Q1 2024, bringing its total portfolio to 2,456 restaurants, with 37 more under construction.
The company remains committed to its expansion plans, with the intention to open 200 to 225 new restaurants in 2024, and will focus on markets less affected by the current economic climate.
Americana Restaurants expects to improve gross profit margins in 2024 compared to 2023. The company also anticipates a lesser impact of Ramadan on sales in the second quarter of 2024 compared to the same period in 2023.
Americana International Restaurants PLC is a company listed on the Abu Dhabi Stock Exchange and the Saudi Stock Exchange (Tadawul).
The company holds the master franchise rights for the brands KFC, Pizza Hut, and Hardee’s in the Middle East, North Africa, and Kazakhstan.
