Thu 03-08-2023 20:01 PM
ABU DHABI, 3rd August, 2023 (WAM) — Americana Restaurants International, the largest out-of-home dining and quick service restaurant operator in the Middle East and North Africa (MENA) and Kazakhstan, today announced its financial results for the first half of 2023 (H1 2023).
The Company reported revenues of US$1.24 billion and adjusted EBITDA of US$291.7 million for H1 2023, delivering 7.8 and 7.7 percent growth respectively compared to the same period in 2022. This has been supported by significant restaurant portfolio expansion, increased like-for-like sales and operating efficiencies.
Americana Restaurants’ H1 2023 net profit (attributable to shareholders of the Parent Company) increased 19.4 percent to US$144.8 million.
In the second quarter of 2023 (Q2 2023), the Company delivered 13.5 percent revenue growth compared to Q2 2022. Net profit (attributable to shareholders of the Parent Company) for Q2 2023 was US$86.6 million, an increase of 16.7 percent after adjusting for the one-off tax payment of US$25.5 million to settle an indirect legacy tax charge in Egypt.
Americana Restaurants’ robust year-on-year revenue growth was underpinned by a continued commitment to expanding its diverse restaurant store portfolio across its operations in the MENA region and Kazakhstan.
The Company successfully opened 108 gross new stores during the first half of 2023, bringing its total Restaurant count to 2,277 stores as at June 30th 2023. Top-line gains were also driven by positive momentum in like-for-like sales, which measures revenue growth for Restaurants that have been operational for 12 months.
Khoder Nashar
