The company attributed the reason to the region’s consumers boycotting American brands in protest against American support for Israel.
In a statement on Wednesday, the company, which operates brands including:Kentucky“Krispy Kreme” and “Pizza Hut” in Middle East and North Africa And Kazakhstan, it achieved a net profit attributable to shareholders of the parent company of $37.4 million in the third quarter of 2024.
Revenues amounted to Americana For the first nine months of 2024, about $1.61 billion, a decrease of 15.2 percent compared to the same period last year.
The company said that “the current regional geopolitical situation and the slowdown in consumer demand” affected its revenue growth.
And Americana is included in Saudi Arabia andAbu DhabiIts shares fell 24 percent this year.
Boycott campaigns in many Muslim-majority countries last year targeted American brands in protest against American support for Israeli military operations, especially its ongoing attack on Gaza, Lebanon and the West Bank.
Sources told Reuters in March that the boycott affected the Gulf retail giant Alshaya Group, which runs… Starbucks In the region, which led the company to eliminate more than two thousand jobs.
Starbucks said in January that the escalation in Gaza had hurt its business in the region and made it unable to meet market expectations related to first-quarter results.
American soft drink brands, viewed by some as symbols of the United States, also faced challenges last year as Coca-Cola’s sales declined in Egypt and the rapid regional growth of its competitor Pepsi stalled.
