2023-05-04 07:38:14
Thursday, May 4, 2023 – 11:36 AM
ABU DHABI, 4th May / WAM / Americana International Restaurants Plc, listed on the Abu Dhabi Securities Exchange, today announced its financial results for the three-month period ending on March 31, 2023, as it achieved revenues of $ 589.4 million and adjusted earnings before interest, taxes, depreciation and amortization of $126.9 million.
Americana achieved healthy year-over-year revenue growth, thanks to the resilient performance of the company’s strong brands, which achieved stable revenue growth of 1.7% on a like-for-like basis, as well as the continued implementation of the restaurant portfolio expansion program. When excluding the seasonal effect of Ramadan from the quarterly performance results, the revenue for the quarter grew by 7.5% year-on-year.
The company maintained a strong margin of adjusted earnings before interest, taxes, depreciation, and amortization during the period, amounting to 21.5%, while the net profit for the first quarter (attributing to the shareholders of the parent company) amounted to about $58.1 million.
During the first quarter of 2023, Americana Restaurants added 49 new restaurants to its group of restaurants, and on March 31, 2023, the number of the company’s restaurants reached 2,228, with 63 new restaurants under construction. The management expects to open between 250 to 300 new restaurants annually in the medium term. The company intends to continue the strong expansion momentum of its restaurant group in 2023.
The medium-term goal for Americana Restaurants is to double revenue while targeting healthy sales growth on a like-for-like basis, as well as opening 250 to 300 new restaurants annually.
The company expects gross margins to improve during the second half of 2023, while gradually reducing strategic inventory, and aims to improve EBITDA margin by 250-300 basis points over the medium term.
Dina Omar / Ramy Samih
1683188623
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