UAE: Americana Restaurants delivers USD 2.41 billion revenue in 2023

In financial year (FY) 2023, Americana Restaurants reported revenues of USD 2,413.1 million, reflecting a 1.5 per cent growth year-on-year, on account of record 300 gross new store openings.

The Company demonstrated resilient performance, despite USD 106.0 million impact of unfavourable foreign exchange movements, especially in Egypt, and impact on business during the fourth quarter due to recent regional geopolitical tensions.

Adjusted EBITDA increased to USD 550.8 million, reflecting a 2.8 per cent growth year-on-year with a healthy adjusted EBITDA margin of 22.8 per cent.

Net profit (attributable to shareholders of the Parent Company) for 2023 increased by 0.1 per cent, with a net profit margin of 10.8 per cent driven by operational efficiencies and gross margin improvements. This was achieved despite higher depreciation charges of USD 32.8 million (vs. 2022) due to new store openings, and the lower revenue impact on Q4 earnings.

The Company allocated USD 167.9 million, equivalent to 7.0 per cent 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 USD 130 million (equivalent to USD 0.0154 per share) in line with its previous guidance, and an additional one-time special dividend of USD 50 million (equivalent to USD 0.0059 per share). The dividend will be subject to shareholders approval at their Annual General Meeting (date to be announced). (ANI/WAM)