Americana posts SAR 973M profit in 2023; Q4 at SAR 123M
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Americana Restaurants International PLC posted a slight profit increase in 2023 at SAR 973 million, compared to SAR 972 million in 2022.
Financials (M)
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 8,919.55 | 9,049.25 | 1.5 % |
| Gross Income | 4,612.77 | 4,730.85 | 2.6 % |
| Operating Income | 1,117.08 | 1,087.74 | (2.6 %) |
| Net Income | 972.10 | 973.00 | 0.1 % |
| Average Shares | 8,423.63 | 8,423.63 | - |
| EPS (Halala) | 11.54 | 11.55 | 0.1 % |
During 2023, revenue was up by 1.5% year-on-year (YoY), with a total of 300 new restaurants opening. Additionally, the net profit margin increased by 10.8% YoY.
On the other hand, the company reported higher depreciation charges of SAR 123 million ($32.8 million) compared to 2022, due to the opening of new restaurants and the impact of lower revenues on Q4 profits.
Americana also cited the impact of fluctuations in foreign exchange rates of SAR 397.5 million ($106.0 million), mainly in Egypt, as well as the impact on business during Q4 due to recent geopolitical tensions in the region.
Current Quarter Comparison (M)
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 2,278.16 | 1,935.41 | (15.0 %) |
| Gross Income | 1,163.10 | 1,013.24 | (12.9 %) |
| Operating Income | 261.48 | 149.67 | (42.8 %) |
| Net Income | 237.79 | 122.88 | (48.3 %) |
| Average Shares | 8,423.63 | 8,423.63 | - |
| EPS (Halala) | 2.82 | 1.46 | (48.3 %) |
In Q4 2023, net profit fell 48% to SAR 122.88 million from SAR 237.79 million in Q4 2022.
On a sequential basis, the bottom line fell 60% from SAR 307.24 million in Q3 2023.
Shareholders’ equity, excluding minority interest, reached SAR 1.64 billion as of Dec. 31, 2023, up from SAR 1.06 billion a year earlier.
Attached Documents
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| Q1 2023 | 2,210.34 | 2.1 % | 1,127.01 | (2.8 %) | 249.28 | (17.0 %) |
| Q2 2023 | 2,445.23 | 13.5 % | 1,292.49 | 16.2 % | 361.27 | 32.5 % |
| Q3 2023 | 2,458.28 | 5.9 % | 1,298.11 | 10.2 % | 327.51 | 16.0 % |
| Q4 2023 | 1,935.41 | (15.0 %) | 1,013.24 | (12.9 %) | 149.67 | (42.8 %) |
| 2023 | 9,049.25 | 1.5 % | 4,730.85 | 2.6 % | 1,087.74 | (2.6 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2023 | 217.98 | (19.2 %) | 2.59 | - | 217.98 | 0.03 |
| Q2 2023 | 324.89 | 75.8 % | 3.86 | - | 324.89 | 0.04 |
| Q3 2023 | 307.24 | 9.9 % | 3.65 | - | 307.24 | 0.04 |
| Q4 2023 | 122.88 | (48.3 %) | 1.46 | - | 122.88 | 0.01 |
| 2023 | 973.00 | 0.1 % | 11.55 | - | 973.00 | 0.12 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2023 | 51.10 % | 21.46 % | 11.21 % |
| Q2 2023 | 51.43 % | 22.16 % | 11.34 % |
| Q3 2023 | 51.97 % | 22.54 % | 11.49 % |
| Q4 2023 | 52.28 % | 22.48 % | 10.75 % |
| 2023 | 52.28 % | 22.48 % | 10.75 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2023 | 8,423.63 | 10.92 | 11.93 | 0.10 |
| Q2 2023 | 8,423.63 | 12.59 | 12.46 | 0.15 |
| Q3 2023 | 8,423.63 | 12.91 | 12.81 | 0.18 |
| Q4 2023 | 8,423.63 | 11.55 | 11.55 | 0.20 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2023 | 36.98 | 33.87 | 38.54 |
| Q2 2023 | 34.08 | 34.44 | 29.57 |
| Q3 2023 | 32.44 | 32.71 | 23.19 |
| Q4 2023 | 27.96 | 27.96 | 16.51 |
Business Segments (Million)
Q4 2023
| Period | Food and Beverages | Real Estate Rental Revenues | Other Revenues |
|---|---|---|---|
| Q1 2023 | 2,208.11 | 2.23 | - |
| Q2 2023 | 2,442.97 | 2.26 | - |
| Q3 2023 | 2,455.77 | 2.51 | - |
| Q4 2023 | 1,923.74 | 2.51 | 9.16 |
Analysts Estimates (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| Average | 262.96 | 122.88 | (53.3 %) |
Estimates vs Actual (Million)
| Item | Q4 2023 (e) | Q4 2023 (a) | Change |
|---|---|---|---|
| AlJazira Capital | 223.10 | 122.88 | (44.9) % |
| GIB Capital | 228.75 | 122.88 | (46.3) % |
| Sico | 228.80 | 122.88 | (46.3) % |
| SNB Capital | 255.38 | 122.88 | (51.9) % |
| United Securities Company | 378.75 | 122.88 | (67.6) % |
| Current | |
| Market Cap (M Riyal) | 19,627.06 |
| Enterprise Value (EV) (M) | 18,657.91 |
| Shares Outstanding ((M)) | 8,423.63 |
| EPS (Halala) (TTM) | 6.68 |
| Book Value (BV) ( Riyal) | 0.16 |
| Par Value ( Halala) | 7.50 |
| Adjusted P/E (Last12) | 34.86 |
| P/E (TTM) | 34.86 |
| Price/book | 14.38 |
| Return on Average Assets (%) (TTM) | 10.1 |
| Return on Average Equity (%) (TTM) | 39.0 |
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