Dine Brands Global has reported a net income of $33.03m for the fourth quarter of 2023, a surge of 191% compared to $11.35m a year previously.

For the fourth quarter ended 31 December 2023, total revenues were $206.3m, a marginal decrease compared to $208m in the fourth quarter of 2022.

The company attributed the decline in revenue to the refranchising of 69 company-operated Applebee’s units in October 2022.

Dine Brands Global’s adjusted net income available to common stockholders rose marginally to $21.1m from $20.6m in the same period of the previous year.

Dine Brand’s consolidated adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for the fourth quarter of 2023 was $62.2m compared to $57m for the fourth quarter of 2022.

Development activity by Applebee’s and International House of Pancakes’ (IHOP) franchisees for the fourth quarter of 2023 resulted in 24 new restaurant openings and the closure of 14 locations.

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Dine Brands Global CEO John Peyton said: “Our solid performance in the fourth quarter concluded a year of significant progress for Dine.

“We delivered another year of positive sales growth at IHOP and Applebee’s and generated year-over-year EBITDA growth while fully integrating Fuzzy’s into our system.

“We are further strengthening our recipe for growth in 2024 with our methodical development strategy that will generate sustainable value over the long term for our shareholders and franchisees.”