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Americana Restaurants International PLC announces its Interim Financial results for the Period Ending on 2024-03-31( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 1,850,636 | 2,210,340 | -16.273 | 1,935,405 | -4.379 |
| Gross Profit (Loss) | 953,276 | 1,127,006 | -15.415 | 1,013,235 | -5.917 |
| Operational Profit (Loss) | 127,860 | 247,853 | -48.412 | 132,776 | -3.702 |
| Net profit (Loss) | 105,090 | 217,984 | -51.79 | 122,884 | -14.48 |
| Total Comprehensive Income | 88,658 | 203,936 | -56.526 | 125,501 | -29.356 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 1,736,280 | 883,043 | 96.624 |
| Profit (Loss) per Share | 0.01 | 0.03 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Revenue decreased by 16.3% due to decline in revenues primarily driven by lower like-for-like sales due to ongoing geopolitical tensions in the region, as well as lower sales volumes in March due to Ramadan seasonality shift. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | Net profit (attributable to shareholders of the Parent Company) decreased by 51.8%, impacted by lower sales because of the geopolitical situation and onset of Ramadan, as well as higher depreciation charges and rent expenses on account of new store openings during the period. The adverse impact is alleviated by better control on operating expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Sales declined by 4.4% as a result of the continued impact of the geopolitical situation which commenced during the fourth quarter of 2023, and the shift in the seasonal effect of Ramadan period during the current quarter. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | Net profit (attributable to shareholders of the Parent Company) decreased by 14.5%, majorly impacted by lower sales as a result of the ongoing geopolitical situation and onset of Ramadan in the first quarter of 2024, as well as higher new store opening related depreciation and rental charges. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | N/A |
| Additional Information | Restaurant Portfolio In Q1 2024, the Company added 37 gross new restaurants. As at 31 March 2024, Americana Restaurants’ restaurant portfolio stood at 2,456 restaurants, with 37 new restaurants under construction. Balance Sheet & Cashflow Americana Restaurants continues to maintain a healthy balance sheet and strong overall financial position. The Company has SAR599.8 million ($159.9 million) in cash and cash equivalents. The Company is well positioned to meet its growth and capital expenditure commitments, as well as to support its dividend policy. Management Outlook Americana Restaurants is committed to navigating the current economic adversities while continuing its expansion strategy. In 2024, the Company will continue expanding its restaurants portfolio by opening stores in markets which are less impacted by the current regional macro-environment. Management expects to open 200-225 net new stores in 2024. |
| Attached Documents |  |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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