ABU DHABI, UAE – Americana Restaurants International and its subsidiaries on Thursday announced financial results for the twelve months ending December 2023.
In financial year (FY) 2023, Americana Restaurants reported revenues of US$2,413.1 million, reflecting a 1.5 percent growth year-on-year, on account of record 300 gross new store openings.
The company demonstrated resilient performance, despite US$106 million impact of unfavorable foreign exchange movements, especially in Egypt, and impact on business during the fourth quarter due to recent regional geopolitical tensions.
Adjusted EBITDA increased to US$550.8 million, reflecting a 2.8 percent growth year-on-year with a healthy adjusted EBITDA margin of 22.8 percent.
Net profit (attributable to shareholders of the Parent Company) for 2023 increased by 0.1 percent, with a net profit margin of 10.8 percent driven by operational efficiencies and gross margin improvements.
This was achieved despite higher depreciation charges of US$32.8 million (vs. 2022) due to new store openings, and the lower revenue impact on Q4 earnings.
The company allocated US$167.9 million, equivalent to 7.0 percent of revenues, for gross capital expenditures, facilitating the opening of 300 gross new restaurants.
This expansion brought the total store count to 2,435, as at the end of 2023, enhancing the reach of renowned brands.
Additionally, the company launched Peet’s Coffee in the region, by opening stores in the UAE and Saudi Arabia, a strategic move aimed at leveraging the growing demand for premium coffee.
Americana Restaurants reaffirms its commitment to delivering value to its shareholders.
The Board announced 2023 ordinary dividend of US$130 million (equivalent to US$0.0154 per share) in line with its previous guidance, and an additional one-time special dividend of US$50 million (equivalent to US$0.0059 per share).
The dividend will be subject to shareholders approval at their Annual General Meeting (date to be announced).