Americana Q3 Profits Plunge 54% to SAR 140 Million

Americana Restaurants International PLC announced on Thursday that its net profit decreased by 54% during the third quarter to 140 million riyals, compared to 307 million riyals in the same quarter last year, following the announcement today of the preliminary financial results for the period ending Sep. 30, 2024 (nine months).

The total operational profit in the third quarter decreased by 46% to 180 million riyals, compared to 335 million riyals in the same quarter last year.

The company’s net profit during the 9-month duration decreased by 48% to 440 million riyals, compared to 850 million riyals in the same duration last year.

The profits per share in the current duration amounted to 0.05 riyals, compared to 0.1 riyals in the same duration last year.

The company stated in a statement that revenues decreased by 15.3%, mainly due to a decline in sales on a like-for-like basis as a result of the ongoing geopolitical situation in the region, which was exacerbated by slowing consumer demand in some markets.