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Kuwait’s Americana Q4 Net Profit Falls 28%

Kuwait’s Americana Q4 Net Profit Falls 28%

The company made a net profit of KD10.19 million ($34.38 million) in the last quarter of 2014.

Kuwait Food Co (Americana), whose biggest shareholder has been in talks with several parties to sell a stake in the firm, posted a 28 per cent drop in fourth-quarter net profit on Monday.

The operator of restaurant franchises including KFC, made a net profit of KD10.19 million ($34.38 million) in the three months ending Dec. 31, down from 14.24 million in the prior-year period, it said in a bourse statement.

Americana’s 2014 net profit was KD52.02 million, up from KD50.60 million in 2013.

Americana, backed by Kuwait’s billionaire al-Kharafi family, has recommended a cash dividend of 0.090 dinars per share for 2014.

Private equity funds KKR and CVC have been among the main contenders to buy into Americana, which also attracted interest from Saudi food producer Savola Group .

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