Financial Results : Americana reports 52% net profit decline to SAR 105.1M in Q1 2024

Americana reports 52% net profit decline to SAR 105.1M in Q1 2024

07/05/2024 Argaam Exclusive

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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.



Current Quarter Comparison (M)

Compared With The
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 249.28 127.86 (48.7 %)
Net Income 217.98 105.09 (51.8 %)
Average Shares 8,423.63 8,423.63 -
EPS (Halala) 2.59 1.25 (51.8 %)

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.

 

Attached Documents

 

  

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