Abu Dhabi – Americana Restaurants Company’s net profits declined by 52 percent, on an annual basis, during the first quarter of 2024 to 28 million US dollars.
This came in a statement issued by the company listed on the Abu Dhabi and Saudi stock exchanges, on Tuesday, in which it said that the decline in profits was mainly due to geopolitical tensions in the region.
Under the umbrella of Americana Restaurants, restaurants are active, most notably “KFC, Hardee’s, Pizza Hut, and Krispy Kreme,” most of which are brands facing a boycott in the company’s franchise areas, due to the Israeli war on Gaza.
The company stated that its revenues declined during the first quarter of 2024 by 16.3 percent to $493.5 million, compared to revenues of $589.4 million on an annual basis.
She added: “The decrease in profits and revenues is due to a decline in sales as a result of geopolitical conditions in the region and the advent of the month of Ramadan, in addition to an increase in consumption expenses and rents with the opening of new stores.”
Americana Restaurants is the largest restaurant operator in the Middle East, North Africa and Kazakhstan region, in terms of the number of restaurants in the countries in which it operates.
It operates famous international brands such as KFC, Pizza Hut, Hardee’s, Krispy Kreme, and TGI Fridays, and recently added Pete’s Coffee, along with Wimpy and Chicken Tikka.
Americana International Restaurants is a company listed on the Abu Dhabi Stock Exchange and the Saudi Stock Exchange (Tadawul).
Anatolia
#Geopolitical #tensions #drop #Americana #Restaurants #profits #percent
2024-05-07 22:16:37