Americana Restaurants delivers $2.41b revenue in 2023
- 17 Feb 2024
Americana Restaurants International PLC and its subsidiaries announced financial results for the twelve months ending 31st December 2023.
In financial year (FY) 2023, Americana Restaurants reported revenues of US$2.41 billion, 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 $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 $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 $32.8 million (vs. 2022) due to new store openings, and the lower revenue impact on Q4 earnings.
The Company allocated $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.
