Americana plans 260 new restaurants in 2023 with Saudi Arabia in focus

Americana Restaurants International PLC. said its restaurant portfolio expansion is on track to deliver 250-260 new restaurants in 2023, with a strong emphasis on Saudi Arabia.

In a statement today, Nov. 2, the company explained that it continued its restaurant expansion plans during the first nine months of 2023 and added 184 new branches during this period, bringing the total to 2,338 as of Sept. 30, 2023. Currently, there are 92 more restaurants under construction as part of its plans.

Looking ahead, Americana “looks to expand profit margins on account of improved operational efficiencies and normalizing commodity prices.”

While the recent geopolitical events may affect short-term performance, the company “remains positive about the general business environment and its outlook for long-term performance.”

During the first nine months of 2023, Americana reported a 16% profit increase to SAR 850.1 million, compared to SAR 734.3 million for the same period in 2022. In Q3, profits reached SAR 307.2 million, according to data compiled by Argaam.