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![\"\"](\"https:\/\/famousbrands.co.za\/iar2023\/images\/p75-2.png\")
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Trading conditions<\/h3>\n
Africa\u2019s economic recovery post-COVID-19 continues to lag, and several African economies encountered strong headwinds in 2023, including high inflation, which mostly exceeded central bank inflation targets and long-term trends. Double-digit inflation rates were recorded in Zambia, Botswana, Angola, Nigeria, Ethiopia and Zimbabwe. Inflation in Sudan exceeded 300%. Countries that depend on tourism, including Botswana, Namibia and Mauritius, are yet to experience a total recovery in that sector.<\/p>\n
Performance and focus areas<\/h3>\n
The lifting of COVID-19 trading restrictions meant a bounce in sales activities across the region, except for the United Arab Emirates, with trading back to pre-pandemic levels. The recovery of Casual Dining Restaurant sales was pleasing, given that they declined the most during COVID-19.<\/p>\n
System-wide sales increased by 30.9% while revenue increased 24% to R428 million (2022: R345 million). Operating profit declined to R24\u00a0million (2022: R34 million) while\u00a0the operating profit margin decreased to 5.7% (2022: 9.9%). Steers, Debonairs Pizza, Wimpy and Mugg & Bean accounted for more than 94.3% of turnover across AME. Improved trading conditions in 2023 meant financial assistance for our franchise partners was also wound\u00a0down.<\/p>\n
The home delivery channels gained traction in Botswana, Ethiopia, Kenya, Sudan and Nigeria as consumers increasingly enjoy this convenient option. Debonairs Pizza and Steers online ordering platforms were launched in Zambia. An online ordering platform for Debonairs Pizza was also launched in Nigeria, while a Steers online ordering platform was launched in the United Arab Emirates. In several countries, our franchise partners have invested in call centres and centralised kitchens to support the home delivery channel. <\/p>\n
In Angola, the Mugg & Bean On-the-Move restaurants have been well-received by consumers and have achieved sales well ahead of expectations. Two new On-the-Move restaurants will open in 2024, taking the total to six in that market.<\/p>\n
Debonairs Pizza opened its first restaurants in Oman and the Kingdom of Saudi\u00a0Arabia, while the Steers brand was introduced to the United Arab Emirates. The\u00a0franchise support team in the United Arab Emirates was bolstered to support the planned increase in activity in the Middle East. This\u00a0investment is necessary to enable us to scale up our franchising platform in the Gulf Coast countries. <\/p>\n
Famous Brands continue to grow its footprint of Company-owned restaurants in selected markets, including 15 new restaurants in Nigeria and six new restaurants in Botswana. <\/p>\n
In 2023, 27 restaurants were revamped or relocated (2022: 20). We continued to roll out self-service ordering terminals and digital menu screens across the region. <\/p>\n
\n
Focus for 2024<\/h2>\n
We will expand our footprint in the AME region through strategic partnerships, franchising and Company-owned restaurants. Company-owned restaurants introduce new brands to markets and drive faster scalability. They also allow the Group to set the standards for those brands and develop sustainable business models for future franchise partners.
\nSupporting the delivery channel will remain a focus in several markets.<\/p>\n
In 2024, we will launch six new stores with a franchise partner in the United Arab Emirates, including the first sites in the Emirates of Abu Dhabi and Fujairah.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"
The Group operates in 17 countries in the AME region outside of South Africa. Trading conditions Africa\u2019s economic recovery post-COVID-19 continues to lag, and several African economies encountered strong headwinds in 2023, including high inflation, which mostly exceeded central bank inflation targets and long-term trends. Double-digit inflation rates were recorded in Zambia, Botswana, Angola, Nigeria,… Read more »<\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"parent":2917,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_links_to":"","_links_to_target":""},"acf":[],"yoast_head":"\nAME - Famous Brands IAR 2023<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AME - Famous Brands IAR 2023\" \/>\n<meta property=\"og:description\" content=\"The Group operates in 17 countries in the AME region outside of South Africa. Trading conditions Africa\u2019s economic recovery post-COVID-19 continues to lag, and several African economies encountered strong headwinds in 2023, including high inflation, which mostly exceeded central bank inflation targets and long-term trends. Double-digit inflation rates were recorded in Zambia, Botswana, Angola, Nigeria,... 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