Americana 9M 2023 profit up 16% to SAR 850.1 mln; Q3 at SAR 307.2 mln

Americana Restaurants International PLC posted a 16% profit increase in the first nine months of 2023 to SAR 850.1 million, compared to SAR 734.3 million in the year-earlier period.

The profit increase is driven by the business growth and improved operational efficiency, as well as the impact of one-off tax claim charges in Egypt of SAR 93.4 million ($24.9 million) in Q3 2022.

This came despite higher depreciation charges of SAR 24.5 million ($6.5 million) related to accelerated new store openings and negative impact of hyperinflationary accounting for the Lebanon business and the currency devaluation in Egypt at an estimated SAR 37.6 million ($10.0 million).

n Q3 2023, net profit inched up 10% to SAR 307.2 million from SAR 279.56 million in Q3 2022.

On a sequential basis, the bottom line fell 5.4% from SAR 324.89 million in Q2 2023 due to seasonality (Eid Al Fitr and Eid Al Adha occurred during the previous quarter), coupled with increased selling and marketing expenses in the current quarter resulting from higher staff and home delivery costs associated with new store openings.

Shareholders’ equity, excluding minority interest, reached SAR 1.52 billion as of Sept. 30, 2023, up from SAR 811.93 million a year earlier.

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