KFC, Pizza Hut profit in Middle East cut by half amid Gaza war boycotts

Americana Restaurants said the decline was due to the “ongoing geopolitical tensions” in the Middle East and the effect of the Ramadan period.
Supporters of Islami Jamiat-e-Talaba (IJT), a student wing of Pakistan's Jamaat-e-Islami (JI) party stage a pro-Palestinian protest outside a Kentucky Fried Chicken (KFC) restaurant calling for boycott of Israeli products on the outskirts of Islamabad on May 7, 2024, amid the ongoing war between Israel and the militant Hamas group in the Gaza Strip. (Photo by Farooq NAEEM / AFP) (Photo by FAROOQ NAEEM/AFP via Getty Images)
Supporters of Islami Jamiat-e-Talaba (IJT), a student wing of Pakistan's Jamaat-e-Islami (JI) party, stage a pro-Palestinian protest outside a Kentucky Fried Chicken (KFC) restaurant, calling for boycott of Israeli products on the outskirts of Islamabad on May 7, 2024, amid the ongoing war between Israel and the militant Hamas group in the Gaza Strip. - FAROOQ NAEEM/AFP via Getty Images
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Americana Restaurants, the Middle East franchisee of fast-food chains, including KFC and Pizza Hut, on Monday said its profit halved for the first quarter of 2024 compared to the same period last year.

Americana Restaurants said the decline was due to the “ongoing geopolitical tensions” in the Middle East and the effect of the Ramadan period, which was between March 10 and April 9.

The company is also the franchisee of Hardees, Krispy Kreme and TGI Fridays in the Middle East and North Africa region.  

On Monday, Americana Restaurants posted a profit of $28 million for the three months ending March 31, 2024, nearly half of its Q1 2023 profit of $58.8 million.

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