Americana H1 2024 profit drops 45% to SAR 299.9M; Q2 at SAR 194.8M

30/07/2024 Argaam Exclusive

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Americana Restaurants International PLC’s net profit fell 45% to SAR 299.9 million in H1 2024, from SAR 542.9 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	4,655.57	3,947.87	(15.2 %)
Gross Income	2,419.50	2,082.40	(13.9 %)
Operating Income	610.55	333.28	(45.4 %)
Net Income	542.88	299.85	(44.8 %)
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	6.44	3.56	(44.8 %)

The profit decline was attributed to lower sales because of the geopolitical situation and unfavorable currency impact in Egypt. The company also noted higher depreciation charges on account of new store openings during the period.

This was despite support from continued good level of stores, optimization of general and administrative costs, and enhanced sourcing efficiencies.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	2,445.23	2,097.23	(14.2 %)
Gross Income	1,292.49	1,129.13	(12.6 %)
Operating Income	361.27	216.66	(40.0 %)
Net Income	324.89	194.76	(40.1 %)
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	3.86	2.31	(40.1 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	1,850.64	2,097.23	13.3 %
Gross Income	953.28	1,129.13	18.4 %
Operating Income	127.86	216.66	69.5 %
Net Income	105.09	194.76	85.3 %
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	1.25	2.31	85.3 %

The second-quarter net profit dropped 40% to SAR 194.8 million from SAR 324.9 million in Q2 2023.

Americana’s net profit jumped 85.3% from SAR 105.09 million in Q1 2024, as sales improved.

Total shareholders’ equity, excluding minority interest, increased to SAR 1.25 billion as of June 30, 2024, from SAR 1.22 billion in the earlier-year period.

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