The company plans to open 50 new restaurants in 2017.

MONTEVIDEO, Uruguay – Arcos Dorados Holdings Inc., Latin America’s largest restaurant chain and the world’s largest McDonald’s franchisee, reported its unaudited results for the Q4 2016 and audited results for the full year ended Dec. 31, 2016.

Consolidated revenues increased 5.5 percent to $807.2 million in Q4 2016 versus Q4 2015, and on a constant currency basis, consolidated revenues grew 14.2 percent for Q4, or 8.8 percent excluding Venezuela. For the fiscal year, reported consolidated revenues decreased 4.1 percent to $2.93 billion in 2016, but on a constant currency basis, consolidated revenues grew 13.9 percent or 10.3 percent excluding Venezuela for the full fiscal year.

For the full year 2016, the company reported consolidated net income of $78.8 million, compared with a loss of $51.6 million in 2015. According to the company, “The positive variance reflects stronger operating results in 2016, which included $69.4 million from asset monetization initiatives (redevelopment and refranchising) coupled with a positive foreign exchange result, partially offset by higher income tax and net interest expenses.”

System-wide comparable sales rose 16.4 percent year-over-year, or 9.2 percent excluding Venezuela for Q4 and 14.4 percent year-over-year, or 9.6 percent excluding Venezuela, for the full year.

Adjusted EBITDA decreased 10.4 percent to $86.3 million compared with Q4 2015. Adjusted EBITDA for the full fiscal year increased 3.6 percent to $238.4 million year-over-year.

“We ended the year strongly, achieving mid-teen constant currency revenue growth and a 240 basis point increase in the fourth quarter adjusted EBITDA margin, excluding a one-time impact in 2015,” Sergio Alonso, CEO of Arcos Dorados, said in a statement. “The result reflects the success of our marketing initiatives and the operating leverage we have achieved by streamlining our cost structure and capturing efficiencies in our restaurant operations. These management actions, combined with successful efforts to reduce debt levels, position Arcos Dorados as a leaner, more efficient organization with a stronger balance sheet.”

In 2017, the company plans to open between 45 and 50 new restaurants. It also expects total capital expenditures to be between $150 million and $180 million.

“Our new three-year strategic plan builds on prior achievements, while expanding our leading footprint and modernizing our restaurant base through enhanced digital capabilities and technology. Our redesigned affordability platform and new product launches are giving our customers more reasons to visit us more often,” Alonso explained. “Having solidified our foundation, we are well positioned to take advantage of a pickup in consumption trends and economic activity in our main markets.”

Arcos Dorados is the world’s largest McDonald’s franchisee in terms of system-wide sales and number of restaurants, operating the largest quick service restaurant chain in Latin America and the Caribbean. It has the exclusive right to own, operate and grant franchises of McDonald’s restaurants in 20 Latin American and Caribbean countries and territories. The company operates or franchises over 2,100 McDonald’s-branded restaurants with over 90,000 employees.