After solid Q1-23, Americana Restaurants has its eyes set on Saudi expansion

After solid Q1-23, Americana Restaurants has its eyes set on Saudi expansion

Americana, the fast-food chain with a market value of Dh32 billion, set a milestone by becoming the first company to be dual-listed in the UAE and Saudi Arabia. It has delivered a 28 per cent increase in the stock price year-to-date. Through its 50 years of operations, Americana Restaurants has managed restaurants and outlets under the KFC, Pizza Hut, Hardee’s, Krispy Kreme, and TGI Fridays, as well as its own Chicken Tikka throughout the MENA area and Kazakhstan. The company raised $1.8 billion through its public offering in November, and there was such a strong response that the stock was oversubscribed 58 times. After elevating its global presence as a listed company, Americana is on course to achieve its vision as one of the profitable, growth-oriented and diversified F&B operators. While revenue for Q1-23 increased by 2.1 per cent to $589.4 million, net profit attributable to shareholders dropped from $72 million to $58 million. Due to Ramadan this year being marked in Q1, there was a drop in the in out-of-home dining throughout MENA, contributing to the quarter’s earnings shortfall. From January 1 to March 22, which was the start date of Ramadan, income increased by a respectable 7.5 per