Tadawul- and ADX-listed Americana Restaurants’ net income dropped 38.8% y-o-y in 2024 to USD 158.8 mn, it said in an earnings release (pdf). The decline was attributed to new store openings and corporate tax taking effect in the UAE. Revenues were also down 9% y-o-y at USD 2.2 bn over the same period, driven by a slowdown in consumer demand amid regional tensions and unfavorable foreign exchange rates, the release read.

In 4Q 2024, net income grew 26.3% y-o-y, while revenues grew 14.1% y-o-y. The release did not disclose exact numbers for net income or revenues, while Argaam reported net income in 4Q at SAR 155.2 (USD 41.4 mn) and revenues at SAR 2.2 bn (USD 600 mn).

ALSO- The company is distributing USD 127 mn in dividends to its shareholders at USD 0.02 per unit for FY 2024. The eligibility and distribution dates will be announced later, pending shareholders’ approval.

EDITOR'S NOTE- This story was amended on Thursday, 13 February to correct Americana Restaurants' 4Q 2024 earnings as reported by Argaam. A previous version of this story incorrectly stated that Argaam put net income in 4Q at SAR 122.9 and revenues at SAR 1.94 bn.

Tags: