ABU DHABI: Abu Dhabi and Saudi-listed Americana Restaurants International PLC, the largest out-of-home dining and quick service restaurant operator in the Middle East & North Africa and Kazakhstan, reported a 54.3 per cent decrease in third-quarter net profit to $37.4 million compared to $81.9 million a year ago.
Topline growth continued to be 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 company reported $555 million in revenues in Q3 2024, which was down by 15.3 per cent compared to a year ago of $655.5 million, reflecting business resilience amidst continued conflict.
In addition to impact from lower EBITDA, net income declined due to incremental depreciation charges on account of new store openings during the period, as well as the implementation of corporate tax in the UAE.
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 September 30, 2024.
