Financial Results : Americana net profit down 19% to SAR 218 mln in Q1 2023

Americana net profit down 19% to SAR 218 mln in Q1 2023

04/05/2023 Argaam Exclusive

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Americana Restaurants International PLC’s net profit slumped 19% to SAR 218 million in Q1 2023, from SAR 270 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 2,165.91 2,210.34 2.1 %
Gross Income 1,159.59 1,127.01 (2.8 %)
Operating Income 300.49 249.28 (17.0 %)
Net Income 269.90 217.98 (19.2 %)
Average Shares 8,423.63 8,423.63 -
EPS (Halala) 3.20 2.59 (19.2 %)

The profit decline came on the back of higher commodity prices and lower sales volumes in March due to Ramadan. The company also noted the depreciation of the currency in Egypt and Lebanon.

 

Meanwhile, revenue rose 2.1% year-on-year (YoY) to $589.4 million in Q1 2023, despite the partial seasonal shift of the holy month of Ramadan from Q2 2022 to Q1 2023.

 

Sequentially, the company’s net profit fell 8.3% from SAR 237.79 million in Q4 2022 on lower sales impact by Ramadan season.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 883.04 million as of March 31, 2023, compared to SAR 357.95 million a year earlier.

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