AmRest posted EUR 23.8m in consolidated net profit in Q2 2023, the company said.
AmRest delivered a strong commercial performance which, combined with a gradual recovery in margins, translated into a net profit for Q2 2023 of €23.8m, with a contribution of €5m from discontinued operations following the deconsolidation of the Russia business. At that time, the Group dismantled all of its operating structures in Russia, ending its presence in the said market, the company announced.
Following the sale of the business in Russia, for comparative purposes, the Group’s figures have been re-presented to reflect only continuing operations, the material highlighted.
Operating profit amounted to EUR 36.8 million compared to EUR 28.9 million profit a year earlier. EBITDA profit reached 101.4 million euro against 80.9 million euro profit a year earlier.
By controlling costs, increasing efficiency and generating value-added transactions, AmRest’s profitability increased in the second quarter of this year. The successful implementation of the aforementioned initiatives enables the Group to reduce the impact of costs on customers, while maintaining attractive quality and price offers, compatible with margin recovery. In addition, the period also saw a slight reduction in the huge cost pressures felt. Thus, EBITDA for the second quarter of 2023 amounted to EUR 101.4 million, an increase of 25.3% with a margin of 16.7%, according to the AmRest financial report.
Consolidated sales revenue reached €606.7m in Q2 2023, compared to €520.3m a year earlier.
The AmRest Group […] continues its positive trend in Q2 2023, reaching a new second quarter sales record of €606.7 million, recording a 16.6% year-on-year increase, the company reported.
In H1 2023, the company posted a consolidated net profit attributable to equity holders of the parent of €23.6 million, compared to a loss of €35.5 million a year earlier, on sales revenue of €1,169.9 million, compared to €983.7 million a year earlier. EBITDA reached €172m against a profit of €149m on this measure a year earlier.
AmRest’s capital amounted to €383.2 million, increasing by €52 million in the first half of the year, an increase of 15.7%. In addition, net debt was reduced by €44.5 million during the year and now stands at €380.9 million. This situation allows the company to comfortably meet its financial obligations. Moreover, AmRest opened 29 new restaurants during the period mentioned. It expects the second half of the year to focus on most of the planned openings and necessary investments, the report further announced.
On a standalone basis, the net loss in H1 2023 was €6.8m, compared to a loss of €1.93m a year earlier.
AmRest is one of the leading publicly listed restaurant operators in Europe, with a portfolio of recognisable brands in 25 countries. AmRest operates restaurants under franchise brands such as KFC, Starbucks, Pizza Hut and Burger King, as well as under private labels such as La Tagliatella, Sushi Shop, Bacoa and Blue Frog. The company has been listed on the WSE since 2005; it is part of the mWIG40 index.
Source: AmRest and ISBnews
