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Americana Restaurants International PLC - Foreign Company announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 2,081,359 | 2,458,275 | -15.332 | 2,097,229 | -0.756 |
| Gross Profit (Loss) | 1,112,681 | 1,298,111 | -14.284 | 1,129,125 | -1.456 |
| Operational Profit (Loss) | 179,685 | 334,781 | -46.327 | 225,008 | -20.142 |
| Net profit (Loss) | 140,329 | 307,238 | -54.325 | 194,760 | -27.947 |
| Total Comprehensive Income | 133,830 | 304,241 | -56.011 | 187,785 | -28.732 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 6,029,224 | 7,113,848 | -15.246 |
| Gross Profit (Loss) | 3,195,083 | 3,717,611 | -14.055 |
| Operational Profit (Loss) | 532,553 | 958,751 | -44.453 |
| Net profit (Loss) | 440,179 | 850,114 | -48.221 |
| Total Comprehensive Income | 410,273 | 847,335 | -51.58 |
| Total Shareholders Equity (after Deducting Minority Equity) | 1,364,981 | 1,522,320 | -10.335 |
| Profit (Loss) per Share | 0.05 | 0.1 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | - | - | |
| 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 15.3%, primarily due to a decline in like-for-like sales, impacted by the evolving geopolitical situation, further amplified due to slowness in consumer demand observed in certain markets. |
| 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 54.3%, impacted by lower sales because of the geopolitical situation, higher depreciation charges, as well as implementation of corporate taxes in the UAE. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Revenue decreased by 0.8% reflecting business resilience amidst continued conflict. In Q3 2024, the Company witnessed noticeable recovery in average daily transactions as well as average daily sales per store compared to Q2 2024. |
| 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 27.9% driven by lower gross profit and higher store level expenses. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | Revenue decreased by 15.2%, primarily 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 reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | Net profit (attributable to shareholders of the Parent Company) decreased by 48.2%, impacted by lower EBITDA, incremental depreciation charges on account of new store openings during the period, as well as the implementation of corporate tax in the UAE. |
| 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 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. Balance Sheet & Cashflow For the period ending 30 September 2024, Americana Restaurants continue to maintain a healthy balance sheet with no leverage and strong cash reserves. With an adjusted free cash flow of SAR210.8 million ($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. |
| 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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