Americana's profits fall to 140.33 million riyals due to lower sales

AMERICANA (Foreign Company) +1.24%

AMERICANA (Foreign Company)

6015.SA

2.45

+1.24%

Riyadh - Mubasher: The preliminary financial results of Americana Restaurants International PLC revealed a 54.33% year-on-year decline in its net profits during the third quarter of 2024, while net profit decreased by 28% compared to the previous quarter.

The company stated, according to a statement issued today, Thursday, on “Tadawul”, that the company recorded a net profit of about 140.33 million riyals, compared to 307.24 million riyals in the comparative quarter of last year, while the company’s net profits amounted to about 194.76 million riyals in the second quarter of this year.

The company said the decline in net profit was due to lower sales due to the geopolitical situation, higher depreciation charges, and the implementation of corporate tax in the UAE.

The company's sales declined to 2.08 billion riyals, compared to 2.46 billion riyals in the comparative quarter of last year, a decline of 15.33%.

At the level of profits during the first nine months of this year, they amounted to about 440.18 million riyals, compared to 850.11 million riyals in the comparable period of last year, declining by 48.22%.

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