Americana Restaurants 9M 2022 earnings leap 27% to $195.8 mln, Q3 at $74.6 mln

Logo of Americana Restaurants International

Americana Restaurants International, which is set for dual listing in Saudi Arabia and Abu Dhabi stock markets, posted net earnings of $195.8 million (2.3 cents per share) for the first nine months of 2022, compared with $154.4 million a year earlier.

Income Statement – Interim
Period	September 2021	September 2022	Change
Revenue ($ mln)	1507.9	1771.0	+17%
Net Earnings ($ mln)	154.5	195.8	+27%
Average Number of Shares (mln)	8423.63	8423.63	--
Earnings Per Share (cents/share)	1.83	2.32

The profit increase was driven by 17% revenue growth year-on-year (YoY), in addition to a rise in monetary gains from hyperinflation by 9% to $7.1 million, compared to $6.5 million a year earlier.

This was also due to recording $2.1 million fair value gains on financial assets at fair value through profit or loss, amounting to $2.1 million, compared to nothing during the same period of 2021. The company also cited a decline in income tax, Zakat, and share of Kuwait Foundation for the Advancement of Sciences by 31% YoY to $7.6 million.

Income Statement – Quarterly
Period	Q3 2021	Q3 2022	Change
Revenue ($ mln)	539.8	619.1	+15%
Net Earnings ($ mln)	61.2	74.6	+22%
Average Number of Shares (mln)	8423.63	8423.63	--
Earnings Per Share (cents/share)	0.73	0.88	+22%

The following table indicates the development of revenues and net profit over the past three years:

Income Statement for Past Three Years
Period	2019	2020	2021
Revenue ($ mln)	1890.2	1577.8	2051.7
Net Earnings ($ mln)	151.1	80.8	203.9
Average Number of Shares (mln)	8423.63	8423.63	8423.63
Earnings Per Share (cents/share)	1.79	0.96	2.42

All segments witnessed a rise in geographical revenues in the first nine months, as GCC revenues increased by 19% YoY. Meanwhile, revenues from Southern Gulf Countries grew by 22% YoY to $191.2 million. Revenues from North Africa and other regions rose by 16% and 7%, respectively.

Geographic Revenues for 9M 2022 ($ mln)
Segment / Period	September 2021	September 2022	Change
GCC	1000.3	1186.9	+19%
Southern GCC Countries	157.1	191.2	+22%
North Africa	202.3	234.1	+16%
Others	148.2	158.8	+7%
Total	1507.9	1771.0	+17%

The following table shows the historical development of geographical revenues during the past three years:

Geographical Revenues for Past Three Years ($ mln)
Segment / Period	2019	2020	2021
GCC	1253.7	1041.9	1364.0
Southern GCC Countries	204.0	178.1	218.7
North Africa	244.6	201.4	273.6
Others	187.9	156.3	195.5
Total	1890.2	1577.8	2051.7

Key Items of Balance Sheet ($ mln)
Period	2019	2020	2021	Q3 2022
Cash and Its Equivalent	169.9	196.3	174.0	273.1
Current Assets	355.4	390.1	391.2	564.4
Non-Current Assets	745.1	626.2	696.7	704.3
Total Assets	1100.6	1016.4	1087.9	1268.7
Bank Facilities	13.6	24.6	7.1	27.4
Current Liabilities	514.7	539.4	566.1	651.3
Non-Current Liabilities	450.5	390.3	382.1	389.8
Total Liabilities	965.2	929.7	948.2	1041.2
Capital	--	--	--	168.5
Net Accumulated Contribution from Intermediate Parent Company	120.0	89.8	149.0	--
Retained Earnings	--	--	--	76.0
Total Shareholders' Equity	118.5	77.1	128.6	216.5

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