Dubai: The Middle East’s biggest F&B operator, Americana Restaurants, reported a net profit of $144.8 million in H1-2023, up 19.4 per cent compared to the same period last year.
First half revenue rose 7.8 per cent year-on-year to $1.24 billion supported by significant restaurant portfolio expansion and increased like-for-like sales and operating efficiencies.
“Americana Restaurants’ robust year-on-year revenue growth was underpinned by a continued commitment to expanding its diverse restaurant store portfolio across its operations in the Middle East, North Africa and Kazakhstan,” the company said in a stock market filing on Wednesday.
New stores
Listed on ADX and Saudi Tadawul, Americana opened 108 gross new stores during the first half of 2023, bringing its total Restaurant count to 2,277 stores as at 30 June 2023.
Over the past 12 months, Americana Restaurants added 262 gross new stores to its expanding regional footprint. Given its focus on expansion, a further 84 stores were under construction as of June 30. By the end of the year, the company expects to have added 250-260 net new restaurants, focusing on growth opportunities across its markets of operations with particular focus on Saudi Arabia.
Plans for H2-2023
During the second half of the year, Americana said it would continue to phase out existing inventory, which was strategically built up during 2022 to counteract global supply disruptions
In Egypt, Americana said, its main focus will remain optimising operations, enhancing franchisor support and driving further cost efficiencies as it proactively navigates currency-related challenges in the country.
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