Mexican restaurant operator Alsea ALSEA.MX has said that its fourth-quarter net profit grew seven-fold from a year ago, as sales recovered after COVID-19 restrictions were loosened.
Net Profit Figures
Net profit of 835.2 million pesos ($40.7 million) was up from 116 million pesos a year earlier, when the dining sector was pressured by the pandemic, and beat a Refinitiv forecast of 342 million pesos.
Statement By Alsea
"The company has reached sales levels within restaurants similar to 2019, and had a 25% increase of home sales in comparison to Q4 the previous year," Alsea said, adding that the results also benefitted from better cost controls.
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Alsea, the franchises of which include coffee chain Starbucks SBUX.O, Domino's Pizza DPZ.N and Burger King in several countries, posted revenue in the last three months of the year of 16.7 billion pesos, up 49% from a year ago, boosted by more consumption and mobility in the quarter.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 4.2 billion pesos, beating the Refinitiv forecast of 3.25 billion pesos.
Restaurant Traffic And Food Deliveries
Despite analysts' concerns that price increases in Mexico would affect consumers, Alsea said that restaurant traffic was solid and food deliveries continued to play an important role.