Growth was supported by restaurant portfolio expansion and operating efficiencies
Americana Restaurants International, a fast-food restaurant operator in the Middle East, North Africa and Kazakhstan, has reported a net profit of $86.6 million in Q2 2023, up from $49.3 million over the same period last year.
This growth of 16.7% is post adjusting for a one-off tax claim in Egypt amounting to $25.5 million in Q2 2022.
For the current quarter, revenue grew 13.5% over the same period last year to $652 million versus $574.4 million a year ago. The growth was supported by restaurant portfolio expansion, with increased like-for-like sales and operating efficiencies.
The company, which operates franchises of Pizza Hut and KFC in the Middle East, said H1 2023 net profit increased 19.4% to $144.8 million. Cash flow remained at $110.9 million in the first half of the year.
Americana Restaurants opened 108 gross new stores during the first half of 2023, bringing its total restaurant count to 2,277 stores as of June 30, 2023. The company is targeting opening 250-260 new stores this year. It plans to further expand Pizza Hut and Peet’s Coffee in Saudi Arabia.
Americana Restaurants' IPO on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange in 2022 marked the region’s first-ever concurrent dual-listing.
(Writing by Bindu Rai, editing by Brinda Darasha)
(bindu.rai@lseg.com)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2023
Get insights and exclusive content from the world of business and finance that you can trust, delivered to your inbox.
Subscribe to our newsletters:
DAILYWEEKLYGREENPROJECTS