Kuwait’s Americana Q2 Net Profit Rises 8.7%

Americana, 67 per cent owned by the Kharafi family, may be sold, according to reports.

Kuwait Food Co, which sells food products under the Americana brand name, reported an 8.7 per cent increase in second-quarter net profit on Sunday.

The company made a profit of KD12.8 million ($45.2 million) compared to KD11.78 million in the corresponding period of 2013, it said in a statement on Kuwait’s bourse. Total operating revenue rose 5.9 per cent to KD238.7 million.

Americana, 67 per cent owned by the Kharafi family, one of the largest merchant families in the Gulf Arab state, may be sold after the Kharafis hired investment bank Rothschild to explore a sale, sources told Reuters in April.

Founded in 1964 in Kuwait, Americana is a publicly traded group of companies based in the Middle East and North Africa, with interests in restaurants and packaged food. The company is a franchise operator in the region of restaurants including KFC and Pizza Hut, owned by Yum Brands.