Americana’s 9M 2024 profit drops 48% to SAR 440.2M; Q3 at SAR 140.3M

31/10/2024 Argaam Exclusive

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Americana Restaurants International PLC reported a 48% drop in net profit to SAR 440.2 million in the first nine months of 2024 from SAR 850.1 million in the year-earlier period.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	7,113.85	6,029.22	(15.2 %)
Gross Income	3,717.61	3,195.08	(14.1 %)
Operating Income	938.07	510.70	(45.6 %)
Net Income	850.11	440.18	(48.2 %)
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	10.09	5.23	(48.2 %)

The decline in the nine-month net profit was attributed to a 15.2% year-on-year (YoY) fall in revenue, due to the geopolitical conditions in the region and the significantly low demand in some markets despite new openings.

Additionally, the company reported lower EBITDA, incremental depreciation charges on account of new store openings during the period, as well as the implementation of corporate tax in the UAE.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	2,458.28	2,081.36	(15.3 %)
Gross Income	1,298.11	1,112.68	(14.3 %)
Operating Income	327.51	177.42	(45.8 %)
Net Income	307.24	140.33	(54.3 %)
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	3.65	1.67	(54.3 %)

Item	Q2 2024	Q3 2024	Change‬
Revenues	2,097.23	2,081.36	(0.8 %)
Gross Income	1,129.13	1,112.68	(1.5 %)
Operating Income	216.66	177.42	(18.1 %)
Net Income	194.76	140.33	(27.9 %)
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	2.31	1.67	(27.9 %)

In Q3 2024, net profit fell 54% to SAR 140.33 million from SAR 307.24 million in Q3 2023.

On a sequential basis, the bottom line retreated 27.9% from SAR 194.76 million in Q2 2024.

Shareholders’ equity, excluding minority interest, reached SAR 1.36 billion as of Sept. 30, 2024, down from SAR 1.52 billion a year earlier.

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