Financial Results : Americana posts SAR 973M profit in 2023; Q4 at SAR 123M

Americana posts SAR 973M profit in 2023; Q4 at SAR 123M

15/02/2024 Argaam Exclusive

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Americana Restaurants International PLC posted a slight profit increase in 2023 at SAR 973 million, compared to SAR 972 million in 2022.



Financials (M)

Item 2022 2023 Change‬
Revenues 8,919.55 9,049.25 1.5 %
Gross Income 4,612.77 4,730.85 2.6 %
Operating Income 1,117.08 1,087.74 (2.6 %)
Net Income 972.10 973.00 0.1 %
Average Shares 8,423.63 8,423.63 -
EPS (Halala) 11.54 11.55 0.1 %

During 2023, revenue was up by 1.5% year-on-year (YoY), with a total of 300 new restaurants opening. Additionally, the net profit margin increased by 10.8% YoY.

 

On the other hand, the company reported higher depreciation charges of SAR 123 million ($32.8 million) compared to 2022, due to the opening of new restaurants and the impact of lower revenues on Q4 profits.

 

Americana also cited the impact of fluctuations in foreign exchange rates of SAR 397.5 million ($106.0 million), mainly in Egypt, as well as the impact on business during Q4 due to recent geopolitical tensions in the region.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 2,278.16 1,935.41 (15.0 %)
Gross Income 1,163.10 1,013.24 (12.9 %)
Operating Income 261.48 149.67 (42.8 %)
Net Income 237.79 122.88 (48.3 %)
Average Shares 8,423.63 8,423.63 -
EPS (Halala) 2.82 1.46 (48.3 %)

In Q4 2023, net profit fell 48% to SAR 122.88 million from SAR 237.79 million in Q4 2022.

 

On a sequential basis, the bottom line fell 60% from SAR 307.24 million in Q3 2023.

 

Shareholders’ equity, excluding minority interest, reached SAR 1.64 billion as of Dec. 31, 2023, up from SAR 1.06 billion a year earlier.

 

Attached Documents

 

 

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