Americana Restaurants International reported a net profit of SAR 105.1 million in Q1 2024, a slump of 52% from SAR 218 million in the year-earlier period, as revenues dropped by 16.3% year-on-year (YoY) and sales declined on the onset of Ramadan.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 2,210.34 | 1,850.64 | (16.3 %) |
| Gross Income | 1,127.01 | 953.28 | (15.4 %) |
| Operating Income | 249.28 | 116.61 | (53.2 %) |
| Net Income | 217.98 | 105.09 | (51.8 %) |
| Average Shares | 8,423.63 | 8,423.63 | - |
| EPS (Halala) | 2.59 | 1.25 | (51.8 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 1,935.41 | 1,850.64 | (4.4 %) |
| Gross Income | 1,013.24 | 953.28 | (5.9 %) |
| Operating Income | 149.67 | 116.61 | (22.1 %) |
| Net Income | 122.88 | 105.09 | (14.5 %) |
| Average Shares | 8,423.63 | 8,423.63 | - |
| EPS (Halala) | 1.46 | 1.25 | (14.5 %) |
The company also cited higher depreciation charges and rent expenses on account of new store openings during the period.
On a quarterly basis, net earnings declined 14.5% from SAR 122.88 million, as sales declined by 4.4% sequentially due to geopolitical conditions in Q4 2023. Americana reported higher depreciation charges and rent expenses on account of new store openings during the period.
Shareholders’ equity, after minority interest, reached SAR 1.73 billion by March 31, 2024, compared to SAR 883.04 million in the prior-year period.
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