Wednesday 23 January 2019

Americana posts 31pc Q2 net profit gain

KUWAIT, August 8, 2016

Kuwait Food Co (Americana) posted a 31 per cent rise in second-quarter net profit on Monday.

The operator of restaurant franchises in the Middle East, including KFC, made a net profit of KD9.03 million ($29.91 million) in the three-month period ending June 30, up from KD6.88 million in the prior-year period, it said in a bourse statement.

The company did not provide any reason for the increase in profit. It said that operating profit declined due to the seasonality of Ramadan, the Muslim month of fasting.

Americana's major shareholder, Kuwait's billionaire al-Kharafi family, on June 18 signed an agreement to sell their 69 per cent holding to Adeptio Group, an investment group led by prominent Dubai businessman Mohamed Alabbar.

Under a legally binding agreement with Al Khair National for Stocks and Real Estate, controlled by the Kharafis, all of Al Khair's Americana shares will be bought at KD2.650 dinars, Adeptio said at the time.

Adeptio was in advanced talks with banks to secure a $1.65 billion bridge loan to fund its purchase, banking sources told Reuters on June 22. – Reuters

Tags: Americana | Kuwait food company |

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