Abu Dhabi, UAE – Americana Restaurants International, the leading out-of-home dining and quick-service restaurant operator in the Middle East, North Africa, and Kazakhstan, has reported total revenues of $1,897 million on the first nine months of 2023, a 7.1% increase compared to the same period in 2022.Â
Profitability remained a key highlight, with the company’s adjusted EBITDA reaching $446.5 million for the first nine months of 2023, representing a 10.4% YoY increase in adjusted EBITDA, with improved margins of 0.7% due to effective management of commodity inflation and operational efficiency enhancements.
Net profit attributable to shareholders of the Parent Company rose by 15.8% to reach $226.7 million for the nine-month period.
In the third quarter of 2023, Americana Restaurants maintained its strong performance, reporting $655.5 million in revenues, representing a 5.9% growth compared to the same period in the previous year. Net profit for the quarter reached $81.9 million, marking a remarkable 9.9% increase over the same period in 2022.
The company’s steady expansion continued, adding 184 gross new restaurants during the first nine months of 2023, bringing the total portfolio to 2,338 restaurants by the end of September. 92 new restaurants are currently under construction, aligning with the company’s full-year guidance of opening 250-260 net new restaurants for 2023.
Americana Restaurants also highlighted its strong financial position, with adjusted free cash flow of $195.0 million for the period ending September 30, 2023. The company maintained a cash conversion ratio of 66.3%, positioning it well to cover capital expenditure requirements and support its dividend policy.
The growth can be attributed to sustained like-for-like revenue expansion and the continual expansion of the restaurant portfolio across its operational regions.