Americana Restaurants International has reported a net income attributable to the shareholders of the parent company of $28m for the first quarter of 2024, down 51.8% compared to $58.1m a year previously.
The company has attributed the slump to factors such as lower sales due to the geopolitical situation, the onset of Ramadan, increased depreciation charges and rent expenses associated with new store openings.
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Americana Restaurants is one of the largest quick service restaurant (QSR) operators across the Middle East and North Africa (the MENA region) and Kazakhstan. Its portfolio includes brands such as KFC, Pizza Hut, Hardee’s, Krispy Kreme, Peet’s Coffee and Wimpy.
Its revenues of $493.5m are down 16% compared with $589.4m in the same period of the previous year – a decline it states is primarily due to lower like-for-like sales.
Americana Restaurants reported an adjusted EBITDA (earnings before interest, taxation, depreciation and amortisation) of $103.3m for Q1 2024, maintaining a margin of 20.9% vs 21.5% year-on-year.
In the first quarter of 2024, the company continued its expansion by opening 37 new stores.
As of 31 March 2024, Americana Restaurants’ portfolio included 2,456 restaurants, with 37 under construction.
Looking ahead to the rest of 2024, Americana Restaurants plans to continue expanding its portfolio by opening stores in markets less affected by the current regional macro-environment.
Its management expects to open between 200 and 225 net new stores throughout the year.
