Americana Restaurants International, a fast-food restaurant operator in the Middle East, North Africa and Kazakhstan, has reported a net profit of $86.6M in Q2 2023.
This profit is up from $49.3M from the same period last year and the growth of 16.7 per cent comes after adjusting for a one-off tax claim in Egypt amounting to $25.5M in Q2 2022.
For the current quarter, revenue grew 13.5 per cent over the same period last year to $652M versus $574.4M a year ago. The growth was supported by restaurant portfolio expansion, with increased like-for-like sales and operating efficiencies.
The company, which operates franchises of Pizza Hut and KFC in the Middle East, said H1 2023 net profit increased 19.4 per cent to $144.8M. Cash flow remained at $110.9M in the first half of the year.
Americana Restaurants opened 108 gross new stores during the first half of 2023, bringing its total restaurant count to 2,277 stores as of 30 June. The company is targeting opening 250-260 new stores this year. It plans to further expand Pizza Hut and Peet’s Coffee in Saudi Arabia.
