Restaurant Brands International (RBI), a fast food company that owns Burger King, Tim Hortons and Popeye’s Louisiana Kitchen, posted a net attributable profit of $ 643 million (587 million euros) in the whole of 2019, equivalent to a 5% increase compared to the previous year.
The income of the multinational increased 4.6% until December, standing at 5,603 million dollars (5,117 million euros). Of that figure, those from restaurants under direct operation remained practically stable at around 2,362 million dollars (2,157 million euros), while those from franchised stores advanced to 3,241 million dollars (2,960 million) euros), 8% more.
Between January and December, Tim Hortons invoiced 1.6% more, up to 3,344 million dollars (3,054 million euros), while Burger King’s revenues rose 7.6%, to 1,777 million dollars ( 1,623 million euros) and those of Popeye’s rose 16.4%, to 482 million dollars (440 million euros).
“The performance of Tim Hortons did not reflect the incredible power of the brand and it is clear that we have a great opportunity to return to focus on the foundational values and what has made us famous with our clients in recent years,” said the CEO of RBI, José Cil.
The turnover of the total of the restaurants, including the franchisees, grew 5.6%, to exceed 34,000 million dollars (31,052 million euros) in the whole of 2019. As of December 31, RBI had more than 27,000 restaurants , after 1,341 net openings during the year.
With respect to expenses, the cost of products sold remained stable at 1,813 million dollars (1,656 million euros), while general and administrative sales expenses increased 4.1% to 1,264 million dollars ( 1,155 million euros). Costs from franchises and rental of premises rose to 540 million dollars (493 million euros), up 28%.