Operator of restaurant franchises including KFC makes net profit of $28.75m during quarter
Kuwait Food Co (Americana) posted a 14.8 percent fall in its fourth-quarter net profit on Thursday, citing rising costs and declining investment income for the drop.
The operator of restaurant franchises in the Middle East including KFC made a net profit of 8.68 million dinars ($28.75 million) in the three-month period ending Dec. 31, down from 10.19 million dinars in the prior-year period, it said in a bourse statement.
Americana also said its board had recommended a cash dividend of 0.1 dinar per share for 2015 and dividends in kind of 0.133 dinar per share. This compared to a payout of 0.090 dinars for 2014.
Americana said last month its majority shareholder, Kuwait's billionaire al-Kharafi family, had signed an initial agreement to sell their holding to Gulf-based Adeptio Group.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.