Americana, the largest quick-service restaurant operator in the Mena region, reported a 76 per cent annual increase in second-quarter profit, on revenue boost, as the company continues to expand its restaurant portfolio.
Net profit attributable to the shareholders of the parent company for the three months to the end of June reached $86.6 million, the company said late on Wednesday in a statement to the Abu Dhabi Securities Exchange, where its shares are traded.
Second-quarter revenue rose nearly 14 per cent year-on-year to $652 million, supported by a “positive impact from fewer number of Ramadan days”, Americana said.
Net profit for the first half of the year attributable to the shareholders of the parent company rose by 19.4 per cent on an annual basis to $144.8 million, while revenue increased 8 per cent to $1.24 billion during the period.
“Americana Restaurants’ robust year-on-year revenue growth was underpinned by a continued commitment to expanding its diverse restaurant store portfolio across its operations in the Middle East, North Africa and Kazakhstan,” the company said.
The company opened 108 new stores during the first half of 2023, bringing its total restaurant count to 2,277 stores as of the end of June, it added.
The company, which is the franchisee of Pizza Hut and KFC in the Middle East, raised $1.8 billion from its initial public offering in November last year. It has a dual listing on Saudi Arabia's main Tadawul market and the ADX, the Arab world's two largest stock markets.
Americana's IPO was the largest in Saudi Arabia last year. It was also the first company to be dually listed in the kingdom and the UAE.
The company sold more than 2.52 billion shares, or 30 per cent stake of its issued share capital, with the IPO drawing strong demand from institutional and retail investors that generated $105 billion worth of orders.
It started trading in December. Saudi Arabia's sovereign wealth fund, the Public Investment Fund, and Mohamed Alabbar, founder and managing director of Dubai's Emaar Properties, bought a 30 per cent stake in the company's issued share capital.
Americana, founded in Kuwait in 1964, introduced fast-food restaurants in the region in 1970. It was previously traded on the Kuwait Stock Exchange but delisted its shares in 2017.
It is the largest out-of-home dining operator in 12 countries across the Mena region and Kazakhstan and operates food chains such as the recently signed Peet’s Coffee. Other brands include Costa Coffee, Hardees, Baskin Robbins, Krispy Kreme, Wimpy and TGI Fridays.
Americana's top-line gains in the first six months of the year were also driven by positive momentum in like-for-like sales, which measures revenue growth for restaurants that have been operational for 12 months.
Like-for-like revenue increased 7.2 per cent over the first half of 2022, enabled by the healthy performance of KFC and Pizza Hut, in particular, Americana said.
Over the past 12 months, Americana business added 262 gross new stores in the region.
The company, which has 84 stores under construction as of June 30, 2023, expects to add 250-260 net new restaurants by the end of the year, with particular focus on Saudi Arabia, it said.
Americana is also “in a strong position” to continue scaling its new brands, including further expansion of Pizza Hut and Peet’s Coffee in Saudi Arabia, it added.
During the second half of the year, Americana said it would continue to phase out existing inventory, which was strategically built up during 2022 to counteract global supply disruptions.
Americana in June said that it has been added to the MSCI UAE Index. The index is considered an important benchmark for investment decision-making by investors in emerging markets including the Middle East. It is designed to measure the performance of large and mid-cap segments of the UAE equity market.
World Cup warm-up fixtures
Friday, May 24:
- Pakistan v Afghanistan (Bristol)
- Sri Lanka v South Africa (Cardiff)
Saturday, May 25
- England v Australia (Southampton)
- India v New Zealand (The Oval, London)
Sunday, May 26
- South Africa v West Indies (Bristol)
- Pakistan v Bangladesh (Cardiff)
Monday, May 27
- Australia v Sri Lanka (Southampton)
- England v Afghanistan (The Oval, London)
Tuesday, May 28
- West Indies v New Zealand (Bristol)
- Bangladesh v India (Cardiff)
Specs
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
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South Africa World Cup squad
South Africa: Faf du Plessis (c), Hashim Amla, Quinton de Kock (w), JP Duminy, Imran Tahir, Aiden Markram, David Miller, Lungi Ngidi, Anrich Nortje, Andile Phehlukwayo, Dwaine Pretorius, Kagiso Rabada, Tabraiz Shamsi, Dale Steyn, Rassie van der Dussen.
Long Shot
Director: Jonathan Levine
Starring: Charlize Theron, Seth Rogan
Four stars
Squads
Pakistan: Sarfaraz Ahmed (c), Babar Azam (vc), Abid Ali, Asif Ali, Fakhar Zaman, Haris Sohail, Mohammad Hasnain, Iftikhar Ahmed, Imad Wasim, Mohammad Amir, Mohammad Nawaz, Mohammad Rizwan, Shadab Khan, Usman Shinwari, Wahab Riaz
Sri Lanka: Lahiru Thirimanne (c), Danushka Gunathilaka, Sadeera Samarawickrama, Avishka Fernando, Oshada Fernando, Shehan Jayasuriya, Dasun Shanaka, Minod Bhanuka, Angelo Perera, Wanindu Hasaranga, Lakshan Sandakan, Nuwan Pradeep, Isuru Udana, Kasun Rajitha, Lahiru Kumara
Results
5pm: UAE Martyrs Cup (TB) Conditions Dh90,000 2,200m
Winner: Mudaarab, Jim Crowley (jockey), Erwan Charpy (trainer).
5.30pm: Wathba Stallions Cup (PA) Handicap Dh70,000 1,400m
Winner: Jawal Al Reef, Richard Mullen, Hassan Al Hammadi.
6pm: UAE Matyrs Trophy (PA) Maiden Dh80,000 1,600m
Winner: Salima Al Reef, Jesus Rosales, Abdallah Al Hammadi.
6.30pm: Sheikha Fatima bint Mubarak (IFAHR) Apprentice Championship (PA) Prestige Dh100,000 1,600m
Winner: Bainoona, Ricardo Iacopini, Eric Lemartinel.
7pm: Sheikha Fatima bint Mubarak (IFAHR) Ladies World Championship (PA) Prestige Dh125,000 1,600m
Winner: Assyad, Victoria Larsen, Eric Lemartinel.
8pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Group 1 Dh5,000,000 1,600m
Winner: Mashhur Al Khalediah, Jean-Bernard Eyquem, Phillip Collington.
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
UAE currency: the story behind the money in your pockets
Day 5, Dubai Test: At a glance
Moment of the day Given the problems Sri Lanka have had in recent times, it was apt the winning catch was taken by Dinesh Chandimal. He is one of seven different captains Sri Lanka have had in just the past two years. He leads in understated fashion, but by example. His century in the first innings of this series set the shock win in motion.
Stat of the day This was the ninth Test Pakistan have lost in their past 11 matches, a run that started when they lost the final match of their three-Test series against West Indies in Sharjah last year. They have not drawn a match in almost two years and 19 matches, since they were held by England at the Zayed Cricket Stadium in Abu Dhabi in 2015.
The verdict Mickey Arthur basically acknowledged he had erred by basing Pakistan’s gameplan around three seam bowlers and asking for pitches with plenty of grass in Abu Dhabi and Sharjah. Why would Pakistan want to change the method that has treated them so well on these grounds in the past 10 years? It is unlikely Misbah-ul-Haq would have made the same mistake.
High profile Al Shabab attacks
- 2010: A restaurant attack in Kampala Uganda kills 74 people watching a Fifa World Cup final football match.
- 2013: The Westgate shopping mall attack, 62 civilians, five Kenyan soldiers and four gunmen are killed.
- 2014: A series of bombings and shootings across Kenya sees scores of civilians killed.
- 2015: Four gunmen attack Garissa University College in northeastern Kenya and take over 700 students hostage, killing those who identified as Christian; 148 die and 79 more are injured.
- 2016: An attack on a Kenyan military base in El Adde Somalia kills 180 soldiers.
- 2017: A suicide truck bombing outside the Safari Hotel in Mogadishu kills 587 people and destroys several city blocks, making it the deadliest attack by the group and the worst in Somalia’s history.
The stats: 2017 Jaguar XJ
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Engine 3.0L V6
Transmission Eight-speed automatic
Power 340hp @ 6,000pm
Torque 450Nm @ 3,500rpm
Fuel economy, combined 9.1L / 100km
Killing of Qassem Suleimani
GAC GS8 Specs
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Mohammed bin Zayed Majlis
OPINIONS ON PALESTINE & ISRAEL
BUNDESLIGA FIXTURES
Friday (all kick-offs UAE time)
Hertha Berlin v Union Berlin (10.30pm)
Saturday
Freiburg v Werder Bremen (5.30pm)
Paderborn v Hoffenheim (5.30pm)
Wolfsburg v Borussia Dortmund (5.30pm)
Borussia Monchengladbach v Bayer Leverkusen (5.30pm)
Bayern Munich v Eintracht Frankfurt (5.30pm)
Sunday
Schalke v Augsburg (3.30pm)
Mainz v RB Leipzig (5.30pm)
Cologne v Fortuna Dusseldorf (8pm)
More on Quran memorisation:
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
City's slump
L - Juventus, 2-0
D - C Palace, 2-2
W - N Forest, 3-0
L - Liverpool, 2-0
D - Feyenoord, 3-3
L - Tottenham, 4-0
L - Brighton, 2-1
L - Sporting, 4-1
L - Bournemouth, 2-1
L - Tottenham, 2-1
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
UAE currency: the story behind the money in your pockets
The specs
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Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
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