Americana Restaurants sees 48% lower profits in 9M-24 - Mubasher Info

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Mubasher: Americana Restaurants International generated a 48.20% drop in net profit attributable to the shareholders at $117.40 million during the first nine months (9M) of 2024, compared to $226.70 million in 9M-23.

The revenues amounted to $1.60 billion as of 30 September 2024, marking a 15.20% year-on-year (YoY) plunge from $1.89 billion, according to the financial results.

Earnings per share (EPS) retreated to AED 0.01 in 9M-24 from AED 0.02 a year earlier.

The group witnessed expansion with 113 gross new store openings during the nine months and  2,504 restaurants in operation.

Financials for Q3-24

The group, listed on the Abu Dhabi Securities Exchange (ADX) as well, posted net profits valued at $37.40 million in the third quarter (Q3) of 2024, lower by 54.30% YoY than $81.90 million.

Revenues shrank by 15.30% to $555 million in Q3-24 from $655.50 million in Q3-23, while the EPS plummeted $0.004 from $0.009.

In the six-month period that ended on 30 June 2024, the company’s net profits fell to $77.72 million from $146.90 million in the year-ago period.

Source: Mubasher Source: {{details.article.source}}