Tuesday, June 18, 2024

“American Restaurants” quarterly profit down 19.2% to 218 million riyals

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The company plans to open 49 new restaurants in the first quarter of 2023

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Americana International Restaurants’ net profit for the first quarter of 2023 fell by 19.23% to around 217.98 million riyals after zakat and tax, compared to 269.899 million riyals in the same quarter of 2022.

On a quarterly basis, the net profit of “Americana restaurants” decreased by 8.33% in the first quarter of 2023, compared to about 237.79 million riyals in the fourth quarter of 2022.

In a statement issued by the company in Tadawul Saudi Arabia today Thursday, net profit (attributable to shareholders of the parent company) declined year-on-year due to inflation in commodity prices. And due to the month of Ramadan, the sales volume decreased in March.

He added that it has achieved a relatively strong performance, especially with the advent of Ramadan, when families and friends tend to enjoy going home rather than eating out or ordering food.

“Price inflationary pressures are expected to ease in the second half of 2023,” he added.

He pointed to the impact of devaluations in Egypt and Lebanon.

In the first quarter of 2023, the company added 49 new restaurants to its restaurant portfolio. As of March 31, 2023, Americana Restaurants has 2,228 restaurants and 63 new restaurants under construction.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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