Americana Restaurants posts 19.4% net profit for H1 2023

Americana Restaurants posts 19.4% net profit for H1 2023

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Americana Restaurants announced its financial results for the year’s first half ending June 30. The company reported revenues of $1.24bn and adjusted EBITDA of $291.7m for the first half of 2023. Its net profit increased by 19.4 per cent to $144.8m in H1 2023.

Americana, the largest out-of-home dining and quick service restaurant operator in the MENA region said it delivered a 7.8 per cent growth in revenue compared to the same period in 2022. This has been supported by significant restaurant portfolio expansion, increased like-for-like sales, and operating efficiencies, said the company in its Q2 earnings report.

Americana’s robust revenue growth

The restaurant operator posted a 13.5 per cent growth in revenue, which it said was supported by the positive impact of fewer Ramadan days. Net profit for Q2 2023 was $86.6m, an increase of 16.7 per cent after adjusting for a one-off tax payment of $25.5m to settle an indirect legacy tax charge in Egypt, as per the quarterly earnings report.

It said its robust year-on-year revenue growth was underpinned by its continued expansion of restaurant portfolios across its operations in the Middle East, North Africa, and Kazakhstan. The company said it successfully opened 108 gross new stores during the