Financial Results : Americana H1 2023 profit rises 19% to SAR 542.9 mln; Q2 at SAR 324.9 mln

Americana H1 2023 profit rises 19% to SAR 542.9 mln; Q2 at SAR 324.9 mln

03/08/2023 Argaam Exclusive

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Americana Restaurants International PLC’s net profit jumped 19% to SAR 542.9 million in H1 2023, from SAR 454.8 million in the year-earlier period. The profit rise was spurred by sales on a like-for-like (LFL) basis, and the continued expansion of the company’s restaurant portfolio.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 4,319.73 4,655.57 7.8 %
Gross Income 2,271.78 2,419.50 6.5 %
Operating Income 573.17 610.55 6.5 %
Net Income 454.75 542.88 19.4 %
Average Shares 8,423.63 8,423.63 -
EPS (Halala) 5.40 6.44 19.4 %

The higher income was also supported by a one-off tax claim of SAR 95.6 million ($25.5 million) in Egypt in Q2 2022. Growth in the net income came despite an increase in the cost of sales margins, especially in Q1 2023, as well as higher depreciation charges due to the addition of new stores.



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 2,153.82 2,445.23 13.5 %
Gross Income 1,112.19 1,292.49 16.2 %
Operating Income 272.68 361.27 32.5 %
Net Income 184.85 324.89 75.8 %
Average Shares 8,423.63 8,423.63 -
EPS (Halala) 2.19 3.86 75.8 %

The second-quarter net profit leapt 76% to SAR 324.9 million from SAR 184.85 million in Q2 2022, thanks to better sales on a LFL growth. Americana maintained expansion of its restaurant portfolio and reported improved gross profit margin. Further, it recorded a one-off tax claim of SAR 95.6 million ($25.5 million) in Egypt in Q2 2022.

 

Americana’s net profit jumped 49% from SAR 217.98 million in Q1 2023, as sales improved due to LFL growth.

 

Total shareholders’ equity, excluding minority interest, increased to SAR 1.22 billion as of June 30, 2023, from SAR 545.04 million in the earlier-year period.

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