• Net profit attributable to the shareholders of the Parent Company stood at $117.4 million
  • Store expansion with 113 gross new store openings in the first nine months of 2024; total 2,504 restaurants in operation as of 30 September 2024

Abu Dhabi and Riyadh: Americana Restaurants International PLC (“Americana Restaurants” or the “Company”) (ADX symbol: AMR/ ISIN: AEE01135A222) (Saudi Stock Exchange symbol: 6015), the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa (“MENA”) and Kazakhstan, today announced its financial results for the nine-month period ended 30 September 2024.

Year-on-Year Performance

Americana Restaurants reported revenues of $1.61 billion in the first nine months of 2024, a decline of 15.2% compared to the same period in 2023. Topline growth continued to be impacted by lower like-for-like sales due to the evolving regional geopolitical situation and slowness in consumer demand observed in some markets, despite support from new store openings.

The company registered a year-on-year improvement in gross margins, supported by favourable commodity trends and procurement initiatives.

Further, the Company reported adjusted EBITDA of $350.6 million, resulting in 21.8% margin. The adjusted EBITDA margin for the first nine months of 2024 were impacted by lower revenue base; partially supported by various cost mitigation efforts. 

Net profit (attributable to the shareholders of the Parent Company) for the first nine months of 2024 was reported at $117.4 million, a decrease of 48.2% year-on-year. In addition to impact from lower EBITDA, net income declined due to incremental depreciation charges on account of new store openings during the period, as well as the implementation of corporate tax in the UAE.

Americana Restaurants reported $555.0 million in revenues in Q3 2024, which was marginally down by 0.8% compared to Q2 2024, reflecting business resilience amidst continued conflict.

In Q3 2024, the Company witnessed a noticeable recovery in average daily transactions as well as average daily sales per store compared to Q2 2024.

Americana Restaurants expanded its regional footprint by adding 113 gross new stores in the first nine months of 2024, bringing its total restaurant count to 2,504 as of 30 September 2024.

Financial Highlights

$ millions

Q3 2024

Q3 2023

Change %

9M 2024

9M 2023

Change %

Revenue

555.0

655.5

(15.3%)

1,607.8

1,897.0

(15.2%)

Adjusted EBITDA

117.9

154.8

(23.8%)

350.6

446.5

(21.5%)

Adjusted EBITDA Margin (%)

21.2%

23.6%

 

21.8%

23.5%

 

Net Profit (attributable to the shareholders of the Parent Company)

37.4

81.9

(54.3%)

117.4

226.7

(48.2%)

Adjusted Free Cash Flow

12.1

84.1

(85.6%)

56.2

195.0

(71.2%)

 

Earnings per Share ($)

0.0044

0.0097

(54.3%)

0.0139

0.0269

(48.2%)

 

Balance Sheet & Cashflow

For the period ending 30 September 2024, Americana Restaurants continued to maintain a healthy balance sheet with no leverage and strong cash reserves. With an adjusted free cash flow of $56.2 million, the Company is adequately positioned to meet its capex requirements.

Management Outlook

Americana Restaurants is focused on building transaction momentum through various strategic initiatives such as everyday value offers across markets to increase order frequency, targeted promotional activities aimed at driving engagement, and competitive deals to attract new customers.

In addition, the Company is implementing a strategic blend of revenue enhancement initiatives, store expansion program, cost-saving practices, and technology integration to enhance its operational performance.

Americana Restaurants remains committed to consistently monitoring its operations across various markets to adapt and navigate through current challenges efficiently. The Company remains flexible and strategic in response to the evolving market conditions.

Earnings Conference Call

A conference call to present earnings, followed by a Q&A session, has been scheduled for Monday, 4 November 2024 at 17:00 (GST) / 13:00 (GMT) / 8:00 (EDT). The call will be hosted by Amarpal Sandhu (CEO), Harsh Bansal (CFO & CGO) and Sonika Sahni (Head Investor Relations). Interested parties are invited to join the call by clicking here.

About Americana Restaurants

Americana Restaurants is the largest out-of-home dining and quick service restaurant (QSR) operator in its 12 countries of operation across the Middle East, North Africa and Kazakhstan.

The Company’s historic IPO on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange in 2022 marked the region’s first-ever concurrent dual-listing. Today, Americana Restaurants is a leading master franchisee and a food and beverage pioneer with decades-long heritage, an extensive geographic footprint, long-standing franchisor relationships and a diverse restaurant portfolio that spans the full out-of-home dining spectrum from QSR to fast casual, coffee and indulgence.

The Company’s portfolio includes a range of iconic global brands, including KFC, Pizza Hut, Hardee’s, Krispy Kreme, Peet’s Coffee, Wimpy, TGI Friday’s, Costa Coffee and Baskin Robbins. Americana Restaurants’ customer-centric restaurant platform, which includes 20 proprietary SuperApps, allows customers to experience their favourite global restaurant brands and meals when they want, where they want and how they want.

For more information, please visit: www.americanarestaurants.com

Contact
Investor Relations
Sonika Sahni
Investor.Relations@americanarestaurants.com

Media
Hayan Alshadaydeh (MSL Group)
+971 50 4882460
Hayan.alshadaydeh@mslgroup.com