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Americana Restaurants’ net profit slumps by 48.2% YoY to $117.4m
The company’s revenue also declined by 15.2% to $1.61b in 9M 2024.
Americana Restaurants International PLC’s (Americana Restaurants) net profit attributable to the shareholders of the parent company decreased by 48.2% year-on-year (YoY) to $117.4m for the first nine months of 2024 (9M 2024).
The company’s revenue also declined by 15.2% to $1.61b in 9M 2024, compared to the same period in 2023.
Topline growth continued to be impacted by lower like-for-like sales due to the evolving regional geopolitical situation and slowness in consumer demand observed in some markets, despite support from new store openings.
The company’s reported adjusted EBITDA was $350.6m, resulting in a 21.8% margin. The adjusted EBITDA margin for 9M 2024 was impacted by a lower revenue base, partially supported by various cost mitigation efforts.
In addition to the impact from lower EBITDA, net income also declined due to incremental depreciation charges on account of new store openings during the period, as well as the implementation of corporate tax in the UAE.
The company has expanded its regional footprint by adding 113 gross new stores in 9M 2024, bringing its total restaurant count to 2,504 as of 30 September 2024.
Americana Restaurants is an out-of-home dining and quick service restaurant (QSR) operator in its 12 countries of operation across the Middle East, North Africa (MENA), and Kazakhstan.
The company’s portfolio includes a range of global brands, including KFC, Pizza Hut, Hardee’s, Krispy Kreme, Peet’s Coffee, Wimpy, TGI Friday’s, Costa Coffee, and Baskin Robbins.
