Americana’s 9M 2024 profit drops 48% to SAR 440.2M; Q3 at SAR 140.3M
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Americana Restaurants International PLC reported a 48% drop in net profit to SAR 440.2 million in the first nine months of 2024 from SAR 850.1 million in the year-earlier period.
Financials (M)
| Item | 9m 2023 | 9m 2024 | Change |
|---|---|---|---|
| Revenues | 7,113.85 | 6,029.22 | (15.2 %) |
| Gross Income | 3,717.61 | 3,195.08 | (14.1 %) |
| Operating Income | 938.07 | 510.70 | (45.6 %) |
| Net Income | 850.11 | 440.18 | (48.2 %) |
| Average Shares | 8,423.63 | 8,423.63 | - |
| EPS (Halala) | 10.09 | 5.23 | (48.2 %) |
The decline in the nine-month net profit was attributed to a 15.2% year-on-year (YoY) fall in revenue, due to the geopolitical conditions in the region and the significantly low demand in some markets despite new openings.
Additionally, the company reported lower EBITDA, incremental depreciation charges on account of new store openings during the period, as well as the implementation of corporate tax in the UAE.
Current Quarter Comparison (M)
| Item | Q3 2023 | Q3 2024 | Change |
|---|---|---|---|
| Revenues | 2,458.28 | 2,081.36 | (15.3 %) |
| Gross Income | 1,298.11 | 1,112.68 | (14.3 %) |
| Operating Income | 327.51 | 177.42 | (45.8 %) |
| Net Income | 307.24 | 140.33 | (54.3 %) |
| Average Shares | 8,423.63 | 8,423.63 | - |
| EPS (Halala) | 3.65 | 1.67 | (54.3 %) |
In Q3 2024, net profit fell 54% to SAR 140.33 million from SAR 307.24 million in Q3 2023.
On a sequential basis, the bottom line retreated 27.9% from SAR 194.76 million in Q2 2024.
Shareholders’ equity, excluding minority interest, reached SAR 1.36 billion as of Sept. 30, 2024, down from SAR 1.52 billion a year earlier.
Financial results (Million)
| Period | Revenues | Change | Gross Income | Change | Operating Income | Change |
|---|---|---|---|---|---|---|
| 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 %) |
| Q3 2024 | 2,081.36 | (15.3 %) | 1,112.68 | (14.3 %) | 177.42 | (45.8 %) |
Profit Performance (Million)
| Period | Net Income | Change | EPS(Halala) | Extraordinary Income/Expense | Net Profit Before Unusual Items | EPS Before XO Items |
|---|---|---|---|---|---|---|
| Q1 2024 | 105.09 | (51.8 %) | 1.25 | - | 105.09 | 0.01 |
| Q2 2024 | 194.76 | (40.1 %) | 2.31 | - | 194.76 | 0.02 |
| Q3 2024 | 140.33 | (54.3 %) | 1.67 | - | 140.33 | 0.02 |
Profitability
| Period | Gross Margin | OIBDA Margin | Net Margin Before Unusual Items |
|---|---|---|---|
| Q1 2024 | 52.44 % | 22.45 % | 9.90 % |
| Q2 2024 | 52.67 % | 21.88 % | 8.75 % |
| Q3 2024 | 52.84 % | 21.26 % | 7.07 % |
Per Share Data (Riyal)
| Period | Shares Outstanding (M) | EPS (Halala) | Adjusted EPS (Halala) | Book Value (BV) |
|---|---|---|---|---|
| Q1 2024 | 8,423.63 | 10.21 | 10.21 | 0.21 |
| Q2 2024 | 8,423.63 | 8.67 | 8.67 | 0.15 |
| Q3 2024 | 8,423.63 | 6.68 | 6.68 | 0.16 |
Multiple Ratios (End of Period Price)
| Period | P/E | Adjusted P/E | Price/book |
|---|---|---|---|
| Q1 2024 | 32.61 | 32.61 | 16.16 |
| Q2 2024 | 36.58 | 36.58 | 21.34 |
| Q3 2024 | 40.99 | 40.99 | 16.91 |
Business Segments (Million)
Q3 2024
| Period | Food and Beverages | Real Estate Rental Revenues | Other Revenues |
|---|---|---|---|
| Q1 2024 | 1,840.04 | 2.21 | 8.39 |
| Q2 2024 | 2,085.55 | 1.77 | 9.91 |
| Q3 2024 | 2,073.29 | 1.67 | 6.41 |
Analysts Estimates (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Average | 230.97 | 140.33 | (39.2 %) |
Estimates vs Actual (Million)
| Item | Q3 2024 (e) | Q3 2024 (a) | Change |
|---|---|---|---|
| Bank of America | 196.00 | 140.33 | (28.4) % |
| GIB Capital | 210.00 | 140.33 | (33.2) % |
| United Securities Company | 214.32 | 140.33 | (34.5) % |
| SNB Capital | 214.69 | 140.33 | (34.6) % |
| Hermes | 221.31 | 140.33 | (36.6) % |
| Sico | 230.30 | 140.33 | (39.1) % |
| AlJazira Capital | 236.80 | 140.33 | (40.7) % |
| Citi Bank Group | 239.35 | 140.33 | (41.4) % |
| Goldman Sachs | 316.00 | 140.33 | (55.6) % |
| 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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