Americana Restaurants is on course to double revenues in the medium term, after its upcoming stock market listing, according to chairman Mohamed Alabbar.
In an interview with Arabian Business, Alabbar said the company’s share of the market was already bigger than the combined share of the next four largest competitors in the region.
“In the medium term we see a doubling of revenues. There has been a strong surge in demand especially after the pandemic, and our first half of 2022 saw revenues of over $1.1 billion,” he said, adding: “This is already a $56 billion industry, and with CAGR (compound annual growth rates) of 14 percent, our targets are feasible. This is what we are focused on.”
Americana recorded full year 2021 profits of $204 million on revenues of $2.1 billion. It operates 12 restaurant brands in the MENA region and Kazakhstan, including KFC, Pizza Hut, Hardee’s, Krispy Kreme and TGI Fridays.
“We have been working towards this for over five years now, and have a top-class management team in place, and are able to combine a traditional business with modern technologies and values. That’s what makes this company and its future so exciting,” Alabbar said.
Alabbar purchased Americana in 2016 through his private vehicle Adeptio AD Investments SPC. The company then delisted from the Kuwaiti Stock Exchange and a 50 percent stake in the business was sold to Saudi Arabia’s Public Investment Fund (PIF).
The company intends to sell 30 percent of it’s share capital in a dual listing on the Abu Dhabi and Saudi Arabia stock markets. It will be the first ever such dual listing.
The shares are being offered in the restaurants side of the business. These account for around 50 percent of the company – the remainder, which comprises its food manufacturing operation – is remaining private.
The offering will run from November 14 to November 21 for retail investors, and a day later for institutional investors, with 2.52 billion shares available. The listing of shares will be from the first week of December.
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