Americana H1 2024 profit drops 45% to SAR 299.9M; Q2 at SAR 194.8M

30/07/2024 Argaam Exclusive

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Americana Restaurants International PLC’s net profit fell 45% to SAR 299.9 million in H1 2024, from SAR 542.9 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	4,655.57	3,947.87	(15.2 %)
Gross Income	2,419.50	2,082.40	(13.9 %)
Operating Income	610.55	333.28	(45.4 %)
Net Income	542.88	299.85	(44.8 %)
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	6.44	3.56	(44.8 %)

The profit decline was attributed to lower sales because of the geopolitical situation and unfavorable currency impact in Egypt. The company also noted higher depreciation charges on account of new store openings during the period.

This was despite support from continued good level of stores, optimization of general and administrative costs, and enhanced sourcing efficiencies.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	2,445.23	2,097.23	(14.2 %)
Gross Income	1,292.49	1,129.13	(12.6 %)
Operating Income	361.27	216.66	(40.0 %)
Net Income	324.89	194.76	(40.1 %)
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	3.86	2.31	(40.1 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	1,850.64	2,097.23	13.3 %
Gross Income	953.28	1,129.13	18.4 %
Operating Income	127.86	216.66	69.5 %
Net Income	105.09	194.76	85.3 %
Average Shares	8,423.63	8,423.63	-
EPS (Halala)	1.25	2.31	85.3 %

The second-quarter net profit dropped 40% to SAR 194.8 million from SAR 324.9 million in Q2 2023.

Americana’s net profit jumped 85.3% from SAR 105.09 million in Q1 2024, as sales improved.

Total shareholders’ equity, excluding minority interest, increased to SAR 1.25 billion as of June 30, 2024, from SAR 1.22 billion in the earlier-year period.

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Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	7,088.32	-	3,702.74	-	660.26	-
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	5,916.73	(16.5 %)	3,014.78	(18.6 %)	166.01	(74.9 %)
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	2,024.14	-	1,075.61	-	247.35	-
Q4 2021	2,039.35	-	1,069.89	-	229.19	-
2021	7,694.05	30.0 %	4,055.24	34.5 %	841.98	407.2 %
Q1 2022	2,165.91	-	1,159.59	-	300.49	-
Q2 2022	2,153.82	-	1,112.19	-	272.68	-
Q3 2022	2,321.66	14.7 %	1,177.89	9.5 %	282.43	14.2 %
Q4 2022	2,278.16	11.7 %	1,163.10	8.7 %	261.48	14.1 %
2022	8,919.55	15.9 %	4,612.77	13.7 %	1,117.08	32.7 %
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 %)
Q1 2024	1,850.64	(16.3 %)	953.28	(15.4 %)	127.86	(48.7 %)
Q2 2024	2,097.23	(14.2 %)	1,129.13	(12.6 %)	216.66	(40.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	7,088.32	-	3,702.74	-	660.26	-
2020	5,916.73	(16.5 %)	3,014.78	(18.6 %)	166.01	(74.9 %)
2021	7,694.05	30.0 %	4,055.24	34.5 %	841.98	407.2 %
2022	8,919.55	15.9 %	4,612.77	13.7 %	1,117.08	32.7 %
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 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	-	-	-	-	-	-
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	-	-	-	-	-	-
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	-	-	-	-	-	-
2017	-	-	-	-	-	-
Q1 2018	-	-	-	-	-	-
Q2 2018	-	-	-	-	-	-
Q3 2018	-	-	-	-	-	-
Q4 2018	-	-	-	-	-	-
2018	-	-	-	-	-	-
Q1 2019	-	-	-	-	-	-
Q2 2019	-	-	-	-	-	-
Q3 2019	-	-	-	-	-	-
Q4 2019	-	-	-	-	-	-
2019	566.51	-	6.73	-	566.51	0.07
Q1 2020	-	-	-	-	-	-
Q2 2020	-	-	-	-	-	-
Q3 2020	-	-	-	-	-	-
Q4 2020	-	-	-	-	-	-
2020	303.10	(46.5 %)	3.60	-	303.10	0.04
Q1 2021	-	-	-	-	-	-
Q2 2021	-	-	-	-	-	-
Q3 2021	229.59	-	2.73	-	229.59	0.03
Q4 2021	185.13	-	2.20	-	185.13	0.02
2021	764.69	152.3 %	9.08	-	764.69	0.09
Q1 2022	269.90	-	3.20	-	269.90	0.03
Q2 2022	184.85	-	2.19	(95.56)	280.41	0.03
Q3 2022	279.56	21.8 %	3.32	2.18	277.38	0.03
Q4 2022	237.79	28.4 %	2.82	8.87	228.92	0.03
2022	972.10	27.1 %	11.54	(84.50)	1,056.60	0.13
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
Q1 2024	105.09	(51.8 %)	1.25	-	105.09	0.01
Q2 2024	194.76	(40.1 %)	2.31	-	194.76	0.02

Period	Net Income	Change	EPS(Halala)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2014	-	-	-	-	-	-
2015	-	-	-	-	-	-
2016	-	-	-	-	-	-
2017	-	-	-	-	-	-
2018	-	-	-	-	-	-
2019	566.51	-	6.73	-	566.51	0.07
2020	303.10	(46.5 %)	3.60	-	303.10	0.04
2021	764.69	152.3 %	9.08	-	764.69	0.09
2022	972.10	27.1 %	11.54	(84.50)	1,056.60	0.13
2023	973.00	0.1 %	11.55	-	973.00	0.12

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
2019	52.24 %	20.96 %	7.99 %
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
2020	50.95 %	16.42 %	5.12 %
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
2021	52.71 %	21.11 %	9.94 %
Q1 2022	-	-	-
Q2 2022	52.69 %	21.88 %	11.51 %
Q3 2022	52.06 %	21.82 %	11.67 %
Q4 2022	51.72 %	21.76 %	11.85 %
2022	51.72 %	21.76 %	11.85 %
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 %
Q1 2024	52.44 %	22.45 %	9.90 %
Q2 2024	52.67 %	21.88 %	8.75 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	52.24 %	20.96 %	7.99 %
2020	50.95 %	16.42 %	5.12 %
2021	52.71 %	21.11 %	9.94 %
2022	51.72 %	21.76 %	11.85 %
2023	52.28 %	22.48 %	10.75 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	53.14 %	21.87 %	11.34 %
Q4 2021	52.46 %	21.28 %	9.08 %
Q1 2022	53.54 %	22.61 %	12.46 %
Q2 2022	51.64 %	21.72 %	13.02 %
Q3 2022	50.73 %	21.65 %	11.95 %
Q4 2022	51.05 %	21.10 %	10.05 %
Q1 2023	50.99 %	21.38 %	9.86 %
Q2 2023	52.86 %	24.33 %	13.29 %
Q3 2023	52.81 %	23.15 %	12.50 %
Q4 2023	52.35 %	20.56 %	6.35 %
Q1 2024	51.51 %	20.98 %	5.68 %
Q2 2024	53.84 %	22.41 %	9.29 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	-	-	-	-
Q1 2018	-	-	-	-
Q2 2018	-	-	-	-
Q3 2018	-	-	-	-
Q4 2018	-	-	-	-
Q1 2019	-	-	-	-
Q2 2019	-	-	-	-
Q3 2019	-	-	-	-
Q4 2019	-	-	-	-
Q1 2020	-	-	-	-
Q2 2020	-	-	-	-
Q3 2020	-	-	-	-
Q4 2020	-	-	-	-
Q1 2021	-	-	-	-
Q2 2021	-	-	-	-
Q3 2021	8,423.63	-	-	0.05
Q4 2021	8,423.63	-	-	0.06
Q1 2022	8,423.63	-	-	0.04
Q2 2022	8,423.63	10.32	11.46	0.06
Q3 2022	8,423.63	10.92	12.02	0.10
Q4 2022	8,423.63	11.54	12.54	0.13
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
Q1 2024	8,423.63	10.21	10.21	0.21
Q2 2024	8,423.63	8.67	8.67	0.15

Period	Shares Outstanding (M)	EPS (Halala)	Adjusted EPS (Halala)	Book Value (BV)
2014	-	-	-	-
2015	-	-	-	-
2016	-	-	-	-
2017	-	-	-	-
2018	-	-	-	-
2019	8,423.63	6.73	6.73	0.05
2020	8,423.63	3.60	3.60	0.03
2021	8,423.63	9.08	9.08	0.06
2022	8,423.63	11.54	12.54	0.13
2023	8,423.63	11.55	11.55	0.20

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	-	-	-
Q3 2019	-	-	-
Q4 2019	-	-	-
Q1 2020	-	-	-
Q2 2020	-	-	-
Q3 2020	-	-	-
Q4 2020	-	-	-
Q1 2021	-	-	-
Q2 2021	-	-	-
Q3 2021	-	-	-
Q4 2021	-	-	-
Q1 2022	-	-	-
Q2 2022	-	-	-
Q3 2022	-	-	-
Q4 2022	26.43	24.32	24.08
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
Q1 2024	32.61	32.61	16.16
Q2 2024	36.58	36.58	21.34

Period	P/E	Adjusted P/E	Price/book
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	-	-	-
2020	-	-	-
2021	-	-	-
2022	26.43	24.32	24.08
2023	27.96	27.96	16.51

Business Segments (Million)

Compared With The

Period	Food and Beverages	Real Estate Rental Revenues	Other Revenues
Q1 2022	2,162.51	3.41	-
Q2 2022	2,149.95	3.87	-
Q3 2022	2,318.34	3.32	-
Q4 2022	2,275.22	2.94	-
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
Q1 2024	1,840.04	2.21	8.39
Q2 2024	2,085.55	1.77	9.91

Period	Food and Beverages	Real Estate Rental Revenues	Other Revenues
2022	8,906.01	13.54	-
2023	9,030.59	9.51	9.15

Analysts Estimates (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change‬
Average	218.71	194.76	(11.0 %)

Estimates vs Actual (Million)

Item	Q2 2024 (e)	Q2 2024 (a)	Change
SNB Capital	200.30	194.76	(2.8) %
Sico	217.50	194.76	(10.5) %
Bank of America	245.30	194.76	(20.6) %
United Securities Company	247.50	194.76	(21.3) %
AlJazira Capital	158.90	194.76	22.6 %
Hermes	334.00	194.76	(41.7) %
GIB Capital	127.50	194.76	52.8 %

Financial Ratios

	Current
Market Cap (M Riyal)	19,458.59
Enterprise Value (EV) (M)	18,489.44
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)	34.56
P/E (TTM)	34.56
Price/book	14.26
Return on Average Assets (%) (TTM)	10.1
Return on Average Equity (%) (TTM)	39.0

Americana Restaurants International PLC - Foreign Company (AMERICANA)

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Americana H1 2024 profit drops 45% to SAR 299.9M; Q2 at SAR 194.8M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Americana Restaurants International PLC - Foreign Company (AMERICANA)

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Americana H1 2024 profit drops 45% to SAR 299.9M; Q2 at SAR 194.8M

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Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2024

Revenue by Business Segment (Latest) 2024 Q2

Analysts Estimates (Million)

Analysts Estimates (Million)

Estimates vs Actual (Million)

Estimates Accuracy

Financial Ratios

Share Price

Americana Restaurants International PLC - Foreign Company (AMERICANA)

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Business Segments (Million)