Kuwait’s Americana posts 85.8% Q3 net profit jump

The firm attributed its profit to the positive impact on its earnings from an asset disposal

Kuwait Food Co (Americana) posted a 85.8 per cent jump in third-quarter net profit on Sunday, citing for the increase the positive impact on its earnings from an asset disposal.

It posted a net profit of KD20.47m ($67.6m) in the three months ending September 30, versus KD11.02m a year earlier, the company said in a bourse statement.

Gulf investment firm Adeptio completed the acquisition of 66.79 per cent of the company on October 20.

Adeptio picked Kuwait’s National Investments Company (NIC) to manage a mandatory tender offer to remaining Kuwait Food Co shareholders, but has yet to provide a timeframe for the offer process.

Americana owns the Middle East franchises for fast food chains KFC and Pizza Hut and also produces branded consumer foods.

Read more: GCC firm Adeptio completes $2.4bn Americana stake buy