Mubasher: Americana Restaurants International, listed on the Abu Dhabi Securities Exchange (ADX) as well, logged net profits attributable to the owners valued at $28.02 million in the first quarter (Q1) of 2024.
The quarterly net profits plummeted by 51.80% from $58.12 million in the January-March 2023 period, according to the interim consolidated financial results.
Revenues witnessed a 16.30% year-on-year (YoY) drop to $493.50 million in Q1-24, compared to $589.42 million. This was mainly driven by lower like-for-like sales due to ongoing geopolitical tensions in the region, as well as the seasonal effect of the Ramadan period.
Basic and diluted earnings per share (EPS) retreated to $0.0033 in the first three months (3M) of 2024 from $0.0069 a year earlier.
Total assets amounted to $1.51 billion in Q1-24, down from $1.55 billion as of 31 December 2023.
In 2023, the company’s net profits attributable to the shareholders went up by 0.10% YoY to $259.46 million in 2023 from $259.22 million.
