Mubasher: Americana Restaurants International achieved net profits attributable to the shareholders amounting to $158.75 million in 2024, an annual plunge of 38.80% from $259.46 million.
The cross-listed group posted 9% lower revenues at $2.19 billion last year, versus $2.41 billion in 2023, as per the financial results.
Basic and diluted earnings per share (EPS) fell by 38.80% year-on-year (YoY) to $0.01 in 2024 from $0.03.
The company attributed the drop to the reduced like-for-like sales due to the regional geopolitical situation and weaker consumer demand in some markets, along with unfavourable foreign exchange movements.
In line with its guidance, the board members announced a cash dividend of $127 million ($0.01 per share).
The dividends proposal is still subject to the shareholders' approval at the annual general meeting.
At the beginning of 2025, Americana Restaurants expanded its presence in Oman by acquiring the Pizza Hut business from the Khimji Ramdas Group.
Following the transaction, the group increased its network of Pizza Hut restaurants across multiple markets in the region to 456 stores.
In the first nine months (9M) of 2024, the net profits attributable to the owners of Americana Restaurants shrank by 48.20% YoY to $117.40 million from $226.70 million.
