The Keg Royalties Income Fund saw a slight decrease in sales but an increase in distributable cash

From GlobeNewswire: 2024-11-06 19:19:00

The Keg Royalties Income Fund (TSX: KEG.UN) reported a 0.6% decrease in Royalty Pool Sales to $175.0M for the quarter and a 1.4% decrease to $531.4M YTD. Distributable Cash increased by 3.2% to $0.295/Fund unit for the quarter and 7.2% to $0.986/Fund unit YTD. Payout Ratio was 96.2% for the quarter and 86.3% YTD.

Royalty income decreased by 0.7% to $6,998,000 in the third quarter of 2024. Distributable Cash available for distributions to public unitholders increased by $105,000 to $3,349,000 ($0.295/Fund unit) for the quarter and by $748,000 to $11,199,000 ($0.986/Fund unit) YTD.

The Fund’s Distributable Cash increased in the third quarter of 2024 due to positive changes in non-cash operating Working Capital. The Payout Ratio was 96.2% for the quarter and 86.3% YTD. The Fund remains financially well-positioned with $2,077,000 cash on hand and a positive Working Capital balance of $3,815,000 as of September 30, 2024.

With over 100 restaurants and annual System Sales exceeding $700 million, Keg Restaurants Ltd. (KRL) is a leading operator of steakhouse restaurants in Canada. KRL has been recognized as the number one restaurant company to work for in Canada in Forbes “Canada’s Best Employers 2024” survey.

Investors are cautioned about risks and uncertainties in the casual dining segment, including changes in market competition and economic conditions. Additional information on factors affecting financial results can be found in documents filed with provincial securities commissions in Canada. The Keg Royalties Income Fund units have not been registered under the U.S. Securities Act of 1933.



Read more at GlobeNewswire:: The Keg Royalties Income Fund Announces Third Quarter 2024